Egypt invests $7.5 bln in largest petrochemical project in Africa

President Abdel Fattah al-Sisi was briefed in a meeting on the details of a national project to be established in partnership between the petroleum sector and international company Bechtel regarding a petrochemical complex the Suez Canal, the largest of its kind in the region, at an investment value of about US$7.5 billion.

On Thursday, Sisi received the chief executive officer of Bechtel Group Brendan Bechtel in the presence of Prime Minister Mostafa Madbouly, Minister of Petroleum and Mineral Resources Tarek al-Mulla, and Head of the General Intelligence Abbas Kamel.

The Official Spokesperson for the Presidency Bassam Rady stated that Sisi welcomed Bechtel’s officials and stressed the depth of the cooperation and strategic partnership relations between Egypt and the US in all fields.

He also stressed Egypt’s keenness to strengthen those relations between the two countries in a way that contributes to achieving common development goals.

During the meeting the overall investments of the international company in Egypt, which extends for decades in several sectors, was reviewed.

Sisi also directed to continue working with Bechtel in order to develop its activities in Egypt, especially in the fields of energy and transportation in light of the comprehensive stability that Egypt currently enjoys, with a modern infrastructure, a network of roads, axes and ports with international specifications.

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