Minister of Petroleum and Mineral Resources, Tarek El Molla, and the French Ambassador to Egypt, Stéphane Romatet, have witnessed the signing of engineering works contract relating to manufacturing licenses of the Red Sea petrochemical complex, the ministry announced in a press release.

The contract was signed by the Chairman of the  Red Sea National Company for Refining and Petrochemicals, Mohamed Abady, and the CEO of the French Axens company, Jean Sentenac.

According to the inked contract, Axens will provide the technology for a total of seven licenses, representing 50 percent of the whole project’s licenses.

Minister El Molla stated that the construction of Red Sea Petrochemicals Complex will place Egypt on top of the countries producing high-quality petrochemicals.

He also noted that Axens has a track record in technology expertise, adding that it has been collaborating with the Egyptian oil sector for years in executing major projects.

For his side, Axens’ Sentenac asserted the company’s commitment to provide the cutting-edge technologies for the project and to execute it according to schedule.

The project’s total investments amount to $7.5 billion and will be designed to produce high-quality petrochemicals to meet the local needs and the surplus will be exported to contribute to increasing the State’s revenues.