Published: September 21, 2018
Carbon Holdings launches Egypt’s largest petrochemical project
The US$10.9bn facility is poised to create thousands of job opportunities and revolutionise Egypt’s domestic manufacturing sector.
On 30th June 2018, the petrochemical company Carbon Holdings signed 48 key project documents, officially launching the Tahrir Petrochemical Corporation (TPC). Valued at US$10.9bn, this will be the Egypt’s largest petrochemical project, and holds potential to transform the country’s economy.
“Once this facility begins to sell its product domestically, we’re looking at the creation of up to more than 200,000 job opportunities,” CEO Basil El Baz told EMEA Finance. “The hope is that you’ll be hearing quite a bit more about us in the coming years.”
Located in the Suez Canal Economic Zone, at the heart of Egypt’s oil and gas industry, the petrochemicals complex will have major implications for industrial development. Once operational, it is expected to export around US$8bn of raw materials every year (nearly doubling the country’s total exports) as well as boosting the domestic manufacturing sector.