Latest news with #CNCEC
Zawya
8 hours ago
- Business
- Zawya
Egypt: Red Sea Petrochemicals, CNCEC sign framework deal for SCZone Project
Arab Finance: Red Sea National Petrochemicals Company and China National Chemical Engineering Co., Ltd. (CNCEC) signed a non-binding framework agreement to implement a petrochemicals project in the Suez Canal Economic Zone (SCZone), according to a statement. The signing ceremony took place in Beijing, reflecting the strategic partnership between Egypt and China. The project is one of Egypt's most prominent future projects in the chemical industry. Ibrahim Abdelkader Mekky, Chairman of Egyptian Petrochemicals Holding Company (ECHEM), highlighted that the deal marks a milestone on the road to executing a promising project that will enhance Egypt's export capacity and create broad development opportunities. He noted that CNCEC is willing to contribute to the project's capital by arranging financing covering up to 85% of the value of the engineering, procurement, and construction (EPC) contract. The Red Sea project enjoys significant competitive advantages, most notably its strategic location near the Suez Canal and the availability of production unit licenses, according to Mekky. The chairman indicated that these advantages make it highly attractive for investment, especially in light of the increasing global demand for products such as polyethylene and polypropylene. He added that cooperation with CNCEC is witnessing rapid development, as three major contracts were signed this year with TCC, a subsidiary of the Chinese group, at a combined value of nearly $1 billion. These agreements include projects to produce soda ash, silicon, and bioethanol, as part of Egypt's efforts to reduce dependence on imports and localize strategic industries. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
Zawya
25-05-2025
- Business
- Zawya
China's ECEC to build $2bln phosphate fertiliser project in Iraq
Chinese Engineering, Procurement and Construction (EPC) company East China Engineering Science and Technology Company (ECEC) will build a $2 billion phosphate fertiliser complex in the western desert region of Al-Qaim, Anbar province, according to local media reports. Iraq's State Company for Phosphates and Asas Engineering Company will be working with ECEC on the facility, which is expected to produce 1 million tonnes of Diammonium Phosphate (DAP) and 500,000 tonnes of Triple Super Phosphate (TSP) annually. A consortium of CNCEC and ECEC is building 1,800 metric tonnes per day sulphuric acid project and triple superphosphate (TSP) fertiliser plant in M'dhilla for Groupe Chimique Tunisien (GCT). Iraq's phosphate reserves have been estimated at 10 billion tonnes. (Writing by Majda Muhsen; Editing by Anoop Menon) (
Fibre2Fashion
22-04-2025
- Business
- Fibre2Fashion
Egypt & China sign Red Sea Petrochemicals design contracts
Prime Minister Mostafa Madbouli attended Thursday 17/4/2025 the signing ceremony of a package of contracts awarded to the Egyptian-Chinese joint venture tasked with executing the basic design works for phase one of the Red Sea Petrochemicals Complex in Ain Sokhna. Egypt signed contracts with a joint Egyptian-Chinese venture for phase one design of the Red Sea Petrochemicals Complex in Ain Sokhna. The project supports Egypt Vision 2030, focusing on sustainability, industrial localisation, and economic growth. Construction is set for 2026, following cost estimation and financing after the design phase. The agreement involves the Red Sea National Petrochemicals Company, China National Chemical Engineering Co., Ltd. (CNCEC), ENPPI, and Petrojet. Located 10 kilometers from Sokhna Port, the project aims to produce a range of petrochemical products through an advanced oil refinery and steam cracking units, enabling the production of ethylene and propylene. The initiative aligns with Egypt's efforts to drive a green transformation in the petrochemical sector, enhance environmental sustainability, reduce the carbon footprint, and promote energy efficiency, all in line with the Sustainable Development Strategy and Egypt Vision 2030. The project also supports the national agenda of localizing industry and increasing value-added contributions to the economy to boost investor and financial institution confidence, helping to secure funding for subsequent implementation phases, while improving the project's ability to adhere to timelines and achieve strategic goals. Completing the design phase will allow for a more precise estimation of the project's actual cost, an essential step toward securing the required financing and achieving financial closure, paving the way for construction to begin in 2026 and the launch of commercial operations thereafter. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (HU)
