Prime Minister: We welcome private sector investments in order to bring about the required comprehensive development
Vice: Exploiting the idle capabilities is a necessity to create various partnerships with foreign investors
Deputy: Establishing a petrochemical plant in Ain Sukhna will support the national economy in the coming period
A number of members of the Parliament’s Plan and Budget Committee praised the statements of Lieutenant General Osama Rabei, Chairman of the Suez Canal Authority, that the head of “Anchorage Investments” requested that the company enter into a partnership with us in order to establish a petrochemical plant with investments estimated at $2.5 billion, and they confirmed that any investments would enter the economic zone. Ain Sokhna will represent promising opportunities for foreign investors.
At first, MP Mohamed Badrawi, a member of the Parliament’s Plan and Budget Committee, praised the statements of Lieutenant General Osama Rabie, head of the Suez Canal Authority, that the head of “Anchorage Investments” requested that the company enter into a partnership with us in order to establish a petrochemical plant with investments estimated at $2.5 billion.
Badrawi stressed in exclusive statements to “Sada El Balad” that this is a good thing that we use all the available capabilities, lands and buildings in order to enter into partnerships with foreign investors, and to add value to the raw material.
A member of the Parliament’s Plan and Budget Committee pointed out that this would represent an addition to the Egyptian economy and contribute to providing job opportunities, stressing that this is a kind of partnership required for investment during the coming period, by exploiting the idle capabilities with the aim of making various partnerships with foreign investors.
Representative Mervat El-Kasan, a member of the Parliament’s Plan and Budget Committee, said that we support foreign investments in the economic zone of Ain Sukhna. This came as a comment on the statements of Lieutenant General Osama Rabie, head of the Suez Canal Authority, regarding that the head of the “Anchorage Investments” company had previously requested that the company enter into a partnership with us from To establish a petrochemical plant with investments estimated at $2.5 billion.
El-Kasan confirmed in exclusive statements to “Sada El-Balad” that the prime minister’s meeting today with the head of the Suez Canal Authority, noting that any investments entering the Ain Sukhna economic zone will represent promising opportunities for foreign investors.
-A member of the Parliament’s Plan and Budget Committee explained that the establishment of such a factory will support the national economy in the coming period, and will bring foreign investments for the benefit of the state, and confirms that we are on the right path.
-Yesterday, Thursday, Dr. Mostafa Madbouly, Prime Minister, met Lieutenant General Osama Rabie, head of the Suez Canal Authority; To review the features of a huge petrochemical project to be implemented in cooperation with Anchorage Investments in the Suez Canal Economic Zone. The meeting was attended by Dr. Ahmed Muharram, the founder and managing director of the company.
At the outset of the meeting, the Prime Minister welcomed the investments made by the private sector in the sectors of the national economy. In order to bring about the required comprehensive development, within the framework of the state’s direction to support the private sector and coordinate with serious investors, which is what the state is currently working on strongly, stressing the need to ensure the availability of the necessary financing for this huge project.
During the meeting, Lieutenant General Osama Rabie talked about the idea of the project, saying, “The head of Anchorage Investments has previously requested that the company enter into a partnership with us in order to establish a petrochemical plant with investments estimated at $2.5 billion, provided that the project is established on land owned by the Authority in the area of Ain Sukhna, and it is intended to export $1.5 billion in the first phase, and it is planned that the implementation of the project will be completed within 36 months.
Ambassador Nader Saad, the official spokesman for the Council of Ministers, stated that the meeting dealt with reviewing the features of the project through which the company seeks to develop an integrated industrial complex with international specifications, using modern technology in the field of producing basic olefin (propylene) and a number of its derivatives, in the industrial zone of the authority. General Economic Zone of the Suez Canal.
The spokesperson said: It was also noted during the meeting that this industrial complex contains a number of industrial units for the production of (propylene), derivatives and specialized chemicals. In order to achieve an increase in the added economic value of natural gas derivatives, the company is also planning expansion phases to produce other complementary products. Facilitating trade and opening doors to new markets. It was also noted that the project accommodates the growing regional and global demand for petrochemicals in the markets.
During the meeting, Dr. Ahmed Muharram, founder and managing director of Anchorage Investments, expressed his appreciation for the Egyptian state’s support for the serious national private sector, and the provision of various facilities and incentives in light of the economic reform program, as well as the legislative amendments adopted by the state in recent years. , which would contribute to increasing the injection of foreign direct investment and creating a business environment.
The head of the company said that the government’s support for major investment projects, especially heavy industrial projects such as the petrochemical industry, comes within the framework of its strategy for Egypt to become a regional center for petrochemicals and energy. In terms of the total investment volume of the project, which contributes to increasing foreign direct investment, and would also contribute to increasing Egyptian exports.
At the end of the meeting, Dr. Mostafa Madbouly affirmed that the government is ready to provide the necessary support and support for the project in all its stages. Whether with regard to the issuance of the golden license, or the facilitation of the necessary procedures and steps to expedite its implementation.
