Drake & Scull International has recently signed an agreement with Egypt-based company Carbon Holdings as part of the Tahrir Petrochemical Corporation ("TPC") Project development located at the entrance of the Suez Canal in Ain Sokhna, Egypt. Under the terms of the agreement DSI will exclusively join the international consortium of companies comprising Maire Tecnimont S.p.A., a leading world conglomerate in Engineering & Construction, Technology & Licensing and Energy and Ventures and Archirodon Group, a large diversified international contracting organization to collaboratively undertake the Engineering, Procurement, Construction and Commissioning (EPCC) activities related to the Utilities and Offsite Facilities of the project. The scope of work for DSI will encompass the complete OSBL construction works and civil works, including storage facilities and ancillary buildings for an approximate contract value of AED 2.2 bln (4.2 billion Egyptian pounds). Egypt's Carbon Holdings is aiming to commence construction of its USD 5 bln-plus TPC Project in 2015. TPC is seeking to secure in excess of USD 3.4 bln of funding and loan guarantees from the Export-Import Bank of the United States, The Export-Import Bank of Korea, the Korea Insurance Corporation and the Italian Export Credit Agency, SACE. The megaproject which includes Egypt's first naphtha cracker will create in excess of 20,000 jobs during the construction phase, Carbon Holdings said. Once complete, the project will comprise a 4 million tonne-a-year (t/y) naphtha cracker and related downstream facilities with the capacity to produce 1.4 million t/y polyethylene, 900,000 t/y propylene, 250,000 t/y butadiene, 350,000 t/y benzene and 100,000 t/y hexene-1. In December last year TPC signed the EPC contract for the ISBL with Linde and SK ENC. Carbon Holdings anticipates the Project will be a driving force for other petrochemical and downstream projects in Egypt and could create up to 100,000 direct and indirect jobs in related industries. Commenting on the award, Khaldoun Tabari, CEO of Drake & Scull International, said: "DSI is pleased to be part of this international consortium delivering this vital project which will transform Egypt's petrochemical sector. Egypt is our key market in North Africa and the project will enable us to further strengthen our position in the country where we already have a significant presence across the Oil & Gas, Waste Water and Water treatment and Hospitality sectors." DSI continues to enhance and strengthen its services offering with unmatched vertical integration and global footprint. The collaborative capabilities of the Engineering services (MEP and Water and Power), General Contracting, Oil and Gas, Rail and Infrastructure development continue to deliver strong performance quality work on project sites across MENA, South Asia, and Europe. Year to date the company was awarded a series of prestigious projects in the UAE, KSA, Kuwait, Algeria, India and Europe for a combined value of AED 1.68 bln. The Tahrir Petrochemical Complex deal takes the total value of DSI's project awards portfolio to AED 3.88 bln as of May 2014 further cementing the company's position as one of the leading multi-discipline construction experts in the region.
