GE, Carbon Holdings sign $500M tech agreement for Egypt petrochemical plant
US$4.8 billion Tahrir Petrochemicals Complex is billed as the world’s largest naphtha liquid cracker.
CAIRO, Egypt – General Electric (GE) and Carbon Holdings have signed a US$500 million agreement to provide technology and equity support to the greenfield naphtha cracker and olefins complex project of Tahrir Petrochemicals in Ain Sokhna, Egypt.
GE will provide equity financing and advanced technologies to the new petrochemicals complex, including advanced aero-derivatives gas turbines, steam turbines, generators, water filtration and desalination equipment, turbo machinery compressors and industrial solutions services.
“Tahrir Petrochemicals Complex marks our vision to further strengthen the petrochemical sector of the country, and strengthen foreign direct investments. The new plant will contribute to the socio-economic growth of Egypt, bringing the newest technologies for greater energy sector efficiencies and creating new jobs” said Basil El-Baz, CEO of Carbon Holdings, an industrial developer and operator implementing downstream oil and gas projects in Egypt.
During the construction phase, the project will employ over 20,000 professionals and skilled workers in addition to creating several thousands more indirect jobs. It will also add another 3000 high-skilled jobs once operational for engineers and technicians. Set to generate annual revenue of US$6 billion, once completed the project is expected to strengthen the country’s overall annual exports by more than 24%.
The new plant has the potential to drive overall growth of the Egyptian economy with its products having a strong impact on the construction and manufacturing sectors. With a capacity of 1,360,000 tons per annum of ethylene and polyethylene, as well as significant quantities of propylene, benzene, butadiene and linear alpha olefins, the plant is billed as the world’s largest naphtha liquid cracker. In addition to direct jobs at the plant, the local availability of the plant’s products will also contribute to energizing ancillary industries, potentially creating thousands of indirect jobs.
Featuring a power, water desalination and water treatment plant, the complex will employ a combined cycle power plant to generate 300 megawatts of power. The full-fledged water desalination plant, featuring GE’s ultrafiltration and reverse osmosis technology, has a generation capacity of 3,800 cubic meters per hour.
GE employs more than 400 people in Egypt, where its gas turbines generate more than 7 gigawatts of electricity, nearly 30% of the country’s total installed capacity.
In addition to the Naphtha Cracker and Olefins Complex project, Carbon Holdings projects also include a greenfield Mining Grade Ammonium Nitrate project that is currently under construction and a greenfield refinery project.