<article><p class="lead">Egypt has signed an agreement to build a $7.5bn petrochemical complex in the Gulf of Suez port town of Ain Sokhna.</p><p>The agreement was signed between the Red Sea National Refining and Petrochemicals Company and the Main Development Company of Suez Canal Economic Zone, in the presence of prime minister Mostafa Madbouly and petroleum minister Tarek El Molla, both companies said.</p><p>The complex will be built on an area of 3.56mn m² within the Suez Canal Economic Zone. </p><p>Production of polyethylene (PE), polypropylene (PP), polyester and bunker fuels is planned for the complex, with the aim of reducing Egypt's dependency on imports of these products, the statements read. No details were given on the nameplate capacities of plants or their completion timelines.</p><p>Egypt is a net importer of PE and PP, which are mainly supplied from the Gulf Co-operation Council states of the Middle East. Egypt's existing production capacities total 725,000t for PE — with LLDPE-HDPE swing production plants — and 510,000t for PP.</p><p><i>Argus</i> assesses weekly cif Egypt prices of HDPE film, LDPE, LLDPE butene, PP raffia and PP fibre, for imports of Mideast Gulf origin.</p><p class="bylines">By Sam Hashmi</p></article>
