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Construction company Drake & Scull International (DSI) has signed an agreement with Egypt-based company Carbon Holdings for the development of its Tahrir Petrochemicals Project (TPC), at the entrance of the Suez Canal in Ain Sokhna, Egypt
DSI will execute engineering, procurement, construction and commissioning (EPCC) activities for utilities and offshore facilities at the TPC, stated company officials.
The scope of the project includes the construction of storage facilities and ancillary buildings for US$598mn, stated DSI. The US$5bn TPC project is likely to begin in 2015, according to Carbon Holdings.
The agreement also mentioned that DSI will be part of a consortium comprising Maire Tecnimont S.p.A and Archirodon Group- both global EPCC conglomerates.
Khaldoun Tabari, CEO of DSI, said, "We are pleased to be part of this international consortium delivering this vital project, which will transform Egypt's petrochemical sector. Egypt is our key market in North Africa and the project will enable us to further strengthen our position in the country where we already have a significant presence across the oil and gas, wastewater and water treatment and hospitality sectors."
Reports stated that TPC is seeking funds and loans amounting to nearly US$3.4bn from the Export-Import Bank of the United States, The Export-Import Bank of Korea, the Korea Insurance Corporation and the Italian Export Credit Agency, SACE for the completion of the project.
Once completed, the project will comprise a four million tonne-a-year (t/y) naphtha cracker and related downstream facilities, with the capacity to produce 1.4 million t/y polyethylene, 900,000 t/y propylene, 250,000 t/y butadiene, 350,000 t/y benzene and 100,000 t/y hexene-1, said Carbon Holdings.