(MENAFN) Egypt and Kuwait signed a memorandum of understanding to invest some USD6.8 billion in projects in the petrochemical and phosphate fertilizer sectors. The project include the construction of propylene and formaldehyde production plants, a petrochemical and refinery facility, and a phosphate and compound fertilizer plant, according to Egyptian Cabinet statement, Saudi Gazette reported.
The companies that signed the agreement include Egyptian Petrpchemicals Holding Company (Echem), Egyptian Phosphate Company, Egyptian-Kuwait Holding, Saudi International Petrochemical Company (Sipchem), Bawabet Al-Kuwait Holding Company, and Boubayn Petrochemical Company (BPC).
'The oil sector is one of the sectors that attract investments from the two sides. These projects are, thus, of great importance even if they will need about five to six years to be completed and start production,' said Echem President and Chairman. 'We are, however, positive about their outcome and the revenue they would add to investments in such a vital sector.'
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