Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi met with representatives of British company Shard Capital to review the progress at the $7 billion Mediterranean Petrochemicals Complex project in New Alamein, as per a statement.

The meeting followed the signing of a joint framework agreement with Saudi Al-Qahtani Group last February during the EGYPES event.

Badawi highlighted the importance of the project in achieving the objectives of the second pillar of the ministry’s strategy to maximize added value and expand petrochemicals production.

He added that the project has huge potential to generate significant economic returns for Egypt and the region.

Furthermore, the two sides discussed the ongoing cooperation with Honeywell regarding the technology license used in the project.

Meanwhile, they are set to sign an agreement in this regard this May.

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