Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, conducted a meeting with representatives from the British company Shard Capital to discuss the advancement of the $7 billion Mediterranean Petrochemicals Complex in New Alamein. This meeting follows the signing of a joint framework agreement with the Saudi Al-Qahtani Group last February during the EGYPES event.

During the meeting, Badawi emphasized the project’s significance in meeting the ministry’s strategic goals, particularly in enhancing added value and expanding petrochemical production. He stated that the project has immense potential to produce substantial economic returns for both Egypt and the broader region.

Additionally, the representatives explored the ongoing collaboration with Honeywell regarding the technology license employed in the project. They are expected to finalize an agreement on this matter in May.