Egypt’s cabinet on 28 April announced that the recently-created Red Sea National Refining and Petrochemicals Company had signed a deal with the Suez Canal Economic Zone’s development company to build a $7.5bn petchems complex at Ain Sukhna at the southern end of the Suez Canal.

The aim is to “produce added-value oil products to meet Egypt’s needs and enable exports.” Such products will “include polyethylene, polypropylene, polyester, bunker fuel and other petroleum and chemical products,” the statement said. (CONTINUED - 346 WORDS)