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FINANCIAL NEWS
Kuwaiti companies to invest USD6.8b in Egypt petrochemical projects
16 Feb 2015
(MENAFN) Egypt agreed with Kuwaiti companies on establishing petrochemical projects worth USD6.8 billion, Arabian Business reported.
Egypt is now suffering from an agonizing energy crisis due to shortage in gas supplies which in turn hindered its petrochemicals projects.
In 2014 Egypt reported that there are governmental plans set to invest USD14.5 billion in developing its refining and petrochemical sectors over the next five years.
Several companies were involved in the preliminary agreement such as Egypt Kuwait Holding Company, Kuwait Gateway Holdings and Boubyan Petrochemical Co.
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