Egypt's Red Sea National Petrochemicals Co. and China National Chemical Engineering Company (CNCEC) signed a non-binding framework agreement in Beijing to implement the Red Sea Petrochemical Project within the Suez Canal Economic Zone (SCZONE). According to a statement from the Ministry of Petroleum, CNCEC expressed its readiness to potentially contribute to the project's capital and may assist in arranging financing that could cover up to 85 per cent of the value of the Engineering, Procurement and Construction (EPC) contract. The project offers strong competitive advantages, including a strategic location near the Suez Canal, availability of licensed production units, and a fully developed execution plan—all of which enhance its investment appeal amid growing global demand for polyethylene and polypropylene. The Ministry also noted that cooperation with CNCEC is progressing, with three major contracts signed this year with one of its subsidiaries. Valued at nearly $1 billion, these agreements cover projects for the production of soda ash, metallurgical-grade silicon, and bioethanol, aligning with Egypt's strategy to reduce reliance on imports and localise key industries. Attribution: Amwal Al Ghad English Subediting: M. S. Salama Ask ChatGPT
