By: ICN Bureau
Last updated : April 22, 2025 8:31 am
The Red Sea Petrochemicals Complex aims to produce a variety of petrochemical materials
Prime Minister Mostafa Madbouli witnessed the signing ceremony of a package of contracts awarded to the Egyptian-Chinese joint venture for the implementation of the basic designs for the first phase of the Red Sea Petrochemicals Complex project in Ain Sukhna, between the National Red Sea Petrochemical Company, China National Chemical Engineering Co., Ltd. (CNCEC), ENPPI, and Petrojet on April 16.
The contract was signed by Mohamed Al-Saadawi, Executive Member of the Red Sea National Petrochemicals Company, Lee Tjin, Chairman of the Chinese CNCEC, Wael Latafi, Chairman of the Board and Appointing Member of Enbi, Walid Latafi, Chairman and Appointing Member for Petrojet.
The Red Sea Petrochemicals Complex in the Suez Canal Axis Economic Zone, located 10 kilometers from the port of Sukhna, aims to produce a variety of petrochemical materials through an advanced oil refinery and steam cracking units for the production of ethylene and propylene, which comes within the framework of the efforts to achieve Green transformation in petrochemical industry, environmental sustainability, reduction of carbon footprint and support energy conservation in accordance with Egypt 2030 Sustainable development strategy and vision
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.