Cairo - Mubasher: The Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, and the French Ambassador to Cairo, Stéphane Romatet, witnessed the signing of an engineering contract for licensing the Red Sea Petrochemicals Complex between Red Sea National Company for Refining and Petrochemicals and France's Exness Company.
Under the contract, Exness will provide the required technology for manufacturing licences at the mazut hydrogen cracking complex and the aromatics production and separation complex with a total of seven licences, representing 50% of the total number of the project's licences, according to a statement on Tuesday.
Accordingly, the complex will be able to produce various petrochemical products, such as benzol, paraxylene, and low-sulfur vessel fuel in accordance with IMO 2020 regulations.
The total investment cost of the project amounts to $7.5 billion for the production of high-quality petrochemical products to meet the local demand and export the surplus.
