Societe Generale and Tahrir Petrochemicals Corporation S.A.E., owned by Egyptian firm Carbon Holdings Limited, have signed an agreement mandating the bank to serve as financial advisor to the Tahrir Petrochemicals project in Egypt.
Tahrir Petrochemicals is a private sector greenfield petrochemicals complex, and will be the largest complex in the country once it is completed. It will comprise a Naptha Cracker unit, associated derivatives unit and Polyethylene and Polypropylene units as well as offsites and utilities. The capital cost is estimated to be $5.9 billion. The complex will be located 30 km south of the Suez Canal in the Suez Special Economic Zone in the Northwest Gulf of Suez. The project will produce products to service global demand as well as the domestic market.
“The Tahrir project is a perfect example of how we can bring value to our clients in Egypt,” said Richad Soundardjee, Societe Generale Chief Executive Officer, Middle East. “Societe Generale has a long history of advising on transactions of this nature and size in Egypt and the MENA region. We are extremely pleased to be able to contribute our expertise yet again to projects that will generate jobs and play a substantial role in Egypt’s prosperity.”
As part of Societe Generale’s development plan in the Middle East, Egypt is a key component in the bank’s efforts to be relevant to strategic clients in the region. The bank has played a central role in a variety of transactions in export and project finance that have been crucial for the direction of Egypt’s economy, including a successful track record in acting as financial advisor to landmark oil and gas and energy projects in the country.
“Tahrir is a project that will have a transformational effect on Egypt’s economic growth and generate significant employment opportunities,” said Basil El-Baz, Chairman and Chief Executive Officer of Carbon Holdings. “The complex will create economic opportunities for Egypt and unite the resources of multiple countries towards a partnership for a sustainable future.”
(Source: CPI Financial)