The complex is considered to be the biggest petrochemical project in the Middle East with an investment cost of $10.8 billion.

The Egyptian cabinet signed contracts on June 30 with the Cairo-based Carbon Holdings to build a $10.9 billion petrochemical complex.

Sonker Bunkering Company and DP World finalized $500 million in financing for a liquid bulk terminal at Ain Sokhna.

Petrojet completed the first module for the offshore platform at Ain Sokhna.

Egyptian Minister of Petroleum visited the liquefied natural gas (LNG) recipient platform and related facilities owned by Arab Petroleum Pipelines Company (SUMED) to follow up on the experimental work in the platform and facilities located in Ain Sokhna Port.

France's Schneider Electric was contracted to supply and install all the electrical equipment of nine factories in the phosphate fertilizers complex in Ain Sokhna. Executive works were awarded to three contractors from China, Spain, and Italy.

Egypt is expected to depend 25% on solar power by 2030, Siemens' President for Renewable Energy in Egypt and Head of Wind Power Middle East, Emad Ghaly, said.

The second Floating Storage and Regasification Unit (FSRU) arrived in the Egyptian port of Ain Sokhna, Reuters reported.

A new power station opened in Egypt on Wednesday, adding 1,300 megawatts to the country’s electricity grid at a cost of EGP9.6 bn ($1.3bn). Egypt’s Electricity Minister Mohamed Shaker and Prime Minister Ibrahim Mahlab attended the official opening.