Egypt’s Prime Minister Mostafa Madbouli, witnessed the signing ceremony of the contract for the construction of the largest petrochemical complex to be built in the industrial zone of Ain Sokhna in the Suez Canal Economic Zone, as part of the Egyptian state's plan to meet the needs of the local market for petroleum and petrochemical products.

The contract was signed between the Main Development Company of the Suez Canal Economic Zone and the Red Sea Refining and Petrochemical Company.

It added that the project is built on an area of 3.56 million sq.m. within the geographical space of the Main Development Company, one of the most important developers of the economic zone in the southern sector of Ain Sokhna, with an investment cost of $7.5 billion.

The purpose of this industrial complex is to achieve high added value in this industry, to meet the needs of the local market from the project's products, reduce the volume of the state’s imports of those products, in addition to creating export opportunities for the produced materials, and localizing this industry.

El-Molla pointed out that the new complex would also be one of the main pillars in the national project to transform Egypt into a regional center for oil and gas trade and commerce.