Egypt’s Red Sea National Company for Refining and Petrochemicals and the French company Axens have signed an engineering works contract relating to manufacturing licenses of the Red Sea petrochemical complex, the Minister of Petroleum and Mineral Resources announced in a press release.

According to the contract terms, Axens will provide the technology for a total of seven licenses, representing 50 percent of the all project licenses. An investment of around $7.5 billion will be required to complete the projects under the contract.

Minister of Petroleum and Mineral Resources Tarek El Molla says that the construction of Red Sea Petrochemicals Complex will place Egypt on top of the countries producing high-quality petrochemicals and placed confidence in Axens to complete the project considering its track record and technology expertise, noting the company has been collaborating with the Egyptian oil sector for years on major projects.

Source: PetroleumAfrica

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