Arab Finance: The Egyptian Petrochemicals Holding Company (ECHEM) and the General Authority for Investment and Free Zones (GAFI) have signed a framework agreement with the UK-based Shard Capital to establish a $7 billion petrochemical production complex in New Alamein, as per a statement.
The project will be set up in cooperation with Pipe & Well Services Co. (PWS), a subsidiary of Saudi Arabia's Al-Qahtani & Brothers Group.
During the Egypt Energy Show (EGYPES 2025), Minister of Petroleum Karim Badawi emphasized that the project will enhance the added value of Egypt’s resources by producing high-quality petrochemical products, boosting exports, generating foreign currency revenues, and supplying inputs for industries.
He highlighted the project's role in supporting economic and development plans for El Alamein while adhering to environmental sustainability standards and contributing to the local community.