Minister of Petroleum and Mineral Resources Karim Badawi and Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir witnessed the initial signing of a contract to build, develop, use, manage, operate, exploit, maintain, and redeliver the superstructure of a marine and land liquid and gas bulk handling facility at Dekheila Port between the Alexandria Port Authority and Alexandria Supply Chain Company.

The contract was signed by Ahmed Hawash, Chairman of the Alexandria Port Authority; and Amr Salah Khalil, Chairman and Managing Director of Alexandria Supply Chain Company.

Commenting on the contract, El-Wazir confirmed that the project is considered one of the most important initiatives to achieve the vision of the Egyptian state under the leadership of President Abdel Fattah El-Sisi to transform Egypt into a regional hub for trade and energy.

El-Wazir added that the project aims to localize the petrochemical industry in Egypt by sustainably securing the raw material needs of petrochemical companies in Alexandria to operate at full capacity and create new investment opportunities in the oil, gas, and petrochemical sectors. The project is also considered a qualitative leap as the first project in the Middle East and South Mediterranean capable of receiving, storing, and regasifying liquefied natural gas.

Additionally, El-Wazir noted that the project represents one of the fruits of cooperation and integration to implement the Ministry of Transport’s plan to develop Egyptian ports and the Ministry of Petroleum and Mineral Resources’ plan to develop and modernize the Egyptian petroleum sector.

El-Wazir stated that the investment cost for all phases of the project amounts to $660 million with 100% national capital and a partnership between companies including ECHEM, SIDPEC, ETHYDCO, and GASCO affiliated with the Ministry of Petroleum and Mineral Resources. The companies further include the Holding Company for Maritime and Land Transport, affiliated with the Ministry of Transport, and a private sector company.