Egypt, Kuwait to invest in petrochem projects

Egypt and Kuwait signed a memorandum of understanding to invest some $6.8 billion in projects in the petrochemical and phosphate fertilizer sectors. The projects include the construction of propylene and formaldehyde production plants, a petrochemical and refinery facility, and a phosphate and compound fertilizer plant, according to an Egyptian Cabinet statement.

The companies that signed the agreement include Egyptian Petrochemicals Holding Company (Echem), Egyptian Phosphate Company, Egyptian-Kuwait Holding, Saudi International Petrochemical Company (Sipchem), Bawabet Al-Kuwait Holding Company, and Boubyan Petrochemical Company (BPC).