Prime Minister Mostafa Madbouli attended Thursday 17/4/2025 the signing ceremony of a package of contracts awarded to the Egyptian-Chinese joint venture tasked with executing the basic design works for phase one of the Red Sea Petrochemicals Complex in Ain Sokhna.

The agreement involves the Red Sea National Petrochemicals Company, China National Chemical Engineering Co., Ltd. (CNCEC), ENPPI, and Petrojet.

Located 10 kilometers from Sokhna Port, the project aims to produce a range of petrochemical products through an advanced oil refinery and steam cracking units, enabling the production of ethylene and propylene.

The initiative aligns with Egypt’s efforts to drive a green transformation in the petrochemical sector, enhance environmental sustainability, reduce the carbon footprint, and promote energy efficiency, all in line with the Sustainable Development Strategy and Egypt Vision 2030.

The project also supports the national agenda of localizing industry and increasing value-added contributions to the economy to boost investor and financial institution confidence, helping to secure funding for subsequent implementation phases, while improving the project’s ability to adhere to timelines and achieve strategic goals.

Completing the design phase will allow for a more precise estimation of the project’s actual cost, an essential step toward securing the required financing and achieving financial closure, paving the way for construction to begin in 2026 and the launch of commercial operations thereafter.