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Carbon Holdings to sign USD5.5bn loans contract next Saturday

Thursday 28 June 2018 06:23 PM

Basel El-Baz
Basel El-Baz

By Mohmed Salem & Asmaa El-Sayed  
Carbon Holdings managed to secure USD5.5bn loans from world lenders and institutions for the Suez Canal Economic Zone's Tahrir petrochemical project with final contracts slated to be signed next Saturday in the presence of ministers and senior state officials.
Prospective lenders include Export-Import Bank of the United States, Over-Seas US Private Investments Organization, British Exports Institution in addition to Germany-based Euler Hermes as well as a group of world lenders and financiers, according to informed sources.  
Carbon Holdings had clinched a deal with SCEZ to allocate 5 million sqm land aiming at establishing a petrochemicals factory at USD11bn investments with capacity estimated to reach 1.350m tonne polyethylene, 1m tonne polypropylene, 1m tonne butadien, 350k gasoline in addition to 150k tonne other petroleum derivatives.
Regarding listing on the Egyptian Stock Exchange,  Carbon Holdings is bent to  execute a public offering for a portion of its shares in the next few months, the sources added.
Carbon Holdings, chaired by Basel El-Baz and have stakeholders like UAE-based Al-Nowais Investments and Mazrui Energy Services, has subsidiaries including Oriental Petrochemicals and Egypt Hydrocarbon Corporation.
Tahrir petrochemicals is Egypt's first naphtha cracker enabling the production of different types of petrochemicals used to make various consumer and industrial goods.
While planning to export to Europe, Africa and Asia, the project will provide at least 50,000 jobs, according to previous statements delivered by El-Baz.