Kuwait and Egypt sign MOU for petchem projects
As part of the planned projects, a propylene production plant, a petrochemical and refinery facility, a formaldehyde production facility and a phosphate and compound fertilizer plant will be constructed. The$2.5 billion propylene plant is targeted to use locally abundant propane as feedstock and is expected to come online in 2020.
Meanwhile, the first phase of the planned the petrochemicals and refinery facility will reportedly cost approximately $3 billion. The facility is expected to produce high value added products which will be primarily intended to meet local demand while the remaining production will be slated for export.
It was also stated that thanks to aforementioned projects, around 28,000 direct and indirect job opportunities will be provided.
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