CAIRO, Feb. 19 (Xinhua) -- Egypt has signed a 7-billion-U.S. dollar framework deal with Britain's Shard Capital for a petrochemical complex in its northern coastal city of New Alamein, in partnership with Saudi Arabia's Alkahtani Group, the Egyptian Ministry of Petroleum and Mineral Resources said Wednesday.
The agreement was signed by senior representatives from the Egyptian Petrochemicals Holding Company, Egypt's General Authority for Investment and Free Zones, and Shard Capital, the ministry said in a statement.
"The project will maximize the added value of our resources to produce high-quality petrochemical products, contributing to a strong economic return for Egypt by increasing production and exports to generate foreign currency revenue and providing essential inputs for local industries," said Egyptian Minister of Petroleum and Mineral Resources Karim Badawi, who attended the signing ceremony.
Badawi also highlighted the complex's role in supporting Egypt's development plans for New Alamein and its commitment to environmental sustainability by adopting the latest technologies for efficiency and eco-friendly operations, according to the statement.
Signed on the sidelines of the Egypt Energy Show 2025, the country's largest energy exhibition, the framework deal aims to optimize the use of Egypt's petroleum resources, drive industrial growth, and boost exports to support economic development, the statement noted.
