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Egypt's Carbon Holdings to sign $10.9 bln petrochemicals contract, statement

Saturday 30 June 2018 02:20 PM

Carbon Holdings
Carbon Holdings

 (Reuters) - Egypt is to sign a contract on Saturday with local firm Carbon Holdings to build the massive Tahrir petrochemical project, the government said.

The $10.9 billion complex would be the largest in the Middle East, a cabinet statement said, and is expected to create 48,000 jobs.

Carbon Holdings CEO Basil El-Baz said it would take more than three years to build, according to the statement.

Economic growth for import-dependent Egypt has slowed since a 2011 uprising drove tourists and foreign investors away, but recent reforms tied to a $12 billion International Monetary Fund loan are aimed at putting the country back on the right track. (Reporting by Momen Saeed Atallah; editing by Jason Neely)