Barcelona, July 19, the chief executive of Egypt's Carbon Holdings said on Thursday that Talil Petrochemicals (TPC) is expected to invest $10.9 billion in engineering and construction work at a world-class cracker and petrochemical plant in Egypt. Beginning in early 2019, because the company has completed financing by row. Carbon Holdings holds 51% of TPC, is the controlling shareholder.
Basil El-Baz, chief executive of Carbon Holdings, said the debt and equity financing arrangements for the petrochemical plant project are nearing completion and the schedule for the project will be sent to engineering, procurement and construction (EPC) contractors in December this year.
El-Baz added that the company expects the project to complete the pre-commissioning test preparation in 48 months and is expected to take 55 months to complete the mechanical completion.
The petrochemical plant project will consume 4 million tons / year of naphtha, an annual output of 1.35 million tons of ethylene, and then converted into 1.35 million tons / year of high density polyethylene (HDPE) and linear low density polyethylene (LLDPE). In addition, it will produce 1 million tons/year of propylene, 925,000 tons/year of polypropylene (PP), 250,000 tons/year of butadiene and 350,000 tons/year of benzene.
Product sales will target domestic and export markets.
The CEO said that Egypt has a population of 100 million and urgently needs more raw materials to stimulate domestic downstream manufacturing.