Egypt and Canada in US$1.2 billion petrochem agreement

The investment-friendly atmosphere currently prevalent in Egypt, is an invitation to global players for investments in the country. Egyptian Petrochemicals Holding Company has signed an agreement with 2 leading Canadian firms to set up 2 joint companies working in the fields of methanol and urea. The US$1.2 billion agreement will be implemented in the area of the Damietta Port. Egypt plans to implement new projects in the oil and petrochemicals sector at a total investments worth US$20 billion in the next 5 years, including US$16 billion from world companies. 8 Canadian companies are working in the field of oil exploration and 20 others in the fields of petrochemicals and industrial equipment.
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