GE, Carbon Holdings ink $500m tech deal
Cairo, November 18, 2013
GE and Carbon Holdings have signed a $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.
As part of the partnership, GE, with proven strong competencies in energy, oil & gas, power, water, aviation, transportation and healthcare among others, will provide equity financing and advanced technologies to the new petrochemicals complex.
This is part of an integrated package of solutions to meet the needs of the country. The technologies to be provided for the new plant include advanced aero-derivatives gas turbines, steam turbines, generators, water filtration and desalination equipment, turbo machinery compressors and industrial solutions services.
At a ceremony held at the Egyptian Ministry of Industry & Foreign Trade, John Rice, GE’s vice chairman, signed the agreement with Basil El-Baz, chairman and chief executive officer of Carbon Holdings.
Mounir Fakhry Abdel-Nour, Minister of Industry & Foreign Trade, said: “Egypt is focused on providing a strong and business-friendly environment for investors. In addition to facilitating easy procedures that promote industrial investment, we are also committed to bring advanced technological partnerships that can benefit our youth and all-round economic growth.”
“The visit of GE’s senior executive to the country and the company’s partnership on the largest industrial project of its kind in Egypt highlights growing investor confidence. The project will be a strong value addition to our economy.”
John Rice said: “We are proud to support key customers with technology and capital that can accelerate productivity and address the increasing demand for infrastructure and industrial development. GE’s advanced technologies will be an ideal fit for the project, which will create new jobs for Egyptian youth and boost the manufacturing and exports sector of the country.”
Basil El-Baz said: “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 $6 billion, once completed the project will strengthen the country’s overall annual exports by over 25 per cent.”
In addition to direct jobs at the plant, the local availability of the plant’s products will contribute to energizing ancillary industries, thus creating thousands of indirect jobs. 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.
Featuring a power, water desalination and water treatment plant, the complex will employ a combined cycle power plant to generate 300 MW of power. The full-fledged water desalination plant, featuring GE’s proprietary ultrafiltration and reverse osmosis technology, has a generation capacity of 3,800 cu m per hour. – TradeArabia News Service