Sunday 23 Feb
British "Shard Capital Partners LLP", in collaboration with UAE's Royal Strategic Partners and Saudi Arabia's Al Qahtani Group, has announced the signing of a framework agreement with the Ministry of Petroleum and Mineral Resources and Ministry of Investment to establish an advanced petrochemical complex in the industrial zone of New Alamein City.
Additionally, Shard Capital Partners LLP is in preliminary discussions with Orascom Construction and Industry to develop, build, and operate the complex's outside battery limits (OSBL) area, under a Build-Own-Operate (BOO) model.
The project's investment is estimated at approximately $7
billion. It is expected to create 20,000 job opportunities during the
construction phase and 3,000 jobs after operation, contributing to local
economic support and enhancing Egyptian competencies in the petrochemical
sector. The project will also strengthen strategic ties between Egypt, the Gulf
countries, and the United Kingdom, promoting sustainable development and
enhancing the competitiveness of Egyptian industry globally.
The project aims to establish an integrated complex to
produce about 3.1 million tons annually of eight specialized petrochemical
materials. The complex will rely on crude oil as a primary raw material and
include a refinery and a mixed steam cracking unit to achieve one of the
highest conversion rates globally. This complex will represent a quantum leap
in the industry due to its reliance on the latest global technologies to ensure
the highest production efficiency and the highest rate of converting crude oil
into high-value end products, in addition to enhancing Egypt's export capacity
in the petrochemical sector. The complex will play a crucial role in supporting
Egyptian economic growth and enhancing competitiveness in the global market.
The complex will use the latest American and European
technologies, relying on technologies provided by Honeywell Technology and
other leading global companies, to ensure maximum efficiency and
sustainability, and to reduce waste and carbon emissions.
William Blaine, Capital Markets Advisor at Shard Capital
Partners, emphasized that signing the agreement represents a historic moment in
the company's journey and reflects its deep commitment to contributing to the
development of the petrochemical sector in Egypt. He added, "We are proud
to be part of this ambitious project that will be a turning point in the
industry, thanks to its reliance on the latest American and European
technologies, ensuring the highest efficiency in converting raw materials into
specialized petrochemicals, while achieving maximum returns for the complex and
for Egypt." He continued, "We are committed to applying the highest
environmental sustainability standards and reducing carbon emissions, and we
are currently working with our partners in the United States to study the
feasibility of producing blue hydrogen as a step towards a more sustainable
future."
Toby Rinkok, CEO of Shard Capital Partners, concluded, "Thanks to the close cooperation with our esteemed partners in the United Arab Emirates and the Kingdom of Saudi Arabia, along with the support of the Egyptian government, this complex will contribute to enhancing Egypt's industrial capabilities, opening new horizons for export, and creating extensive job opportunities, which will drive economic development in the region. Our legal team from Zaki Hashem, Attorneys at Law, led by Executive Partner Yasser Hashem and assisted by lawyer Nour Osama, played a pivotal role in bringing us to this stage, and we express our sincere gratitude to them. This complex will enhance Egypt's industrial capabilities, open new horizons for export, and create extensive job opportunities, contributing to driving economic development in the region.
