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Egypt has signed a $7.5 billion deal to build a petrochemical complex in the Ain Sokhna industrial zone, the Cabinet announced in a statement on Wednesday.
The deal, signed between the Red Sea National Refining and Petrochemicals Company and the Suez Canal Economic Zone’s development company, aims to produce value-added petroleum products in order to meet Egypt’s domestic needs and enable exports.
The complex will be built over 3.56 million square metres.
