Partnership includes Shard Capital Partners, Royal Strategic Partners, and Al-Qahtani Group
A consortium comprising the UK’s Shard Capital Partners, the UAE’s Royal Strategic Partners, and Saudi Arabia’s Al-Qahtani Group has signed an agreement with the Egyptian government to develop a $7 billion petrochemical complex in New Alamein City’s industrial zone. The announcement came from Shard Capital Partners, the lead firm in the partnership.
According to the London-based financial services company, the consortium finalized a framework agreement with Egypt’s Ministry of Petroleum and Ministry of Investment to advance the project. The state-of-the-art complex will have an annual production capacity of 3.1 million tonnes, manufacturing eight specialized petrochemical products.
The project is expected to generate around 20,000 jobs during the construction phase and create 3,000 permanent positions once the facility becomes operational.
Designed to process crude oil, the complex will feature a refinery and a mixed steam cracker unit. The consortium is also in early discussions with Orascom Construction regarding potential investment in building and operating the facility under a Build, Own, and Operate (BOO) model.