Egyptian-Saudi petrochemical investments worth USD 10bn

In statements to a Saudi newspaper, Egyptian Minister of Petroleum and Mineral Resources  Eng. Osama Kamal said that some petrochemical projects are expected to be established between the Saudi Basic Industries Corporation (SABIC) and Egyptian companies at investments amounting to USD 10bn.

The minister said that a meeting will be held in Cairo next week and will include SABIC, Egypt’s Petroleum Ministry and the Industrial Development Authority signaling the start of the biggest alliance in the region in the petrochemicals field.

Responding to a question on cooperation between Egyptian and Saudi oil companies, Kamal said that cooperation between the Saudi and Egyptian companies is maintained especially because Saudi Arabia is the world’s biggest oil producer and refines about three million barrels of oil per day.

Source: Reuters