Egypt’s Carbon Holdings Company plans to begin construction on its Tahrir petrochemicals project by June 2018, the company’s CEO, Basil El Baz, told Reuters.
With an investment cost of $10.6 billion, the Tahrir project will be the largest petrochemical investment in the country, El Baz noted, adding that it will contribute to the doubling of Egypt’s petrochemical exports.
The project will be based in the Suez Canal Economic Zone and aims to produce the raw materials Egypt’s industrial sector needs, according to Egypt Today.
“Why haven’t all these foreign multinationals that keep making visits to Egypt every month started manufacturing? … What it comes down to is that there are no raw materials,” El-Baz said.
Initial output from the project will be exported, but, as production grows, El Baz believes that domestic and international manufacturing firms will consider investing closer to the project’s production facilities.
Construction at the site is estimated to take five years.