Cairo, Egypt, 7 April 2014 – Yesterday, the signing ceremony of the contract for the realization of the Tahrir Petrochemical Complex was held in Cairo.
The ceremony saw the participation and attendance of His Excellency Mounir Fakhry Abdel Nour, the Egyptian Minister of Industry, Trade and Investment, His Excellency Carlo Calenda, Italian Deputy Minister of Economic Development, His Excellency Maurizio Massari, Italian Ambassador to Cairo, the President of Italian Trade Agency (ICE) Riccardo Monti, Maire Tecnimont Group Chairman Fabrizio Di Amato, Maire Tecnimont Group CEO Pierroberto Folgiero, Carbon Holdings Chairman and CEO Basil El-Baz, Archirodon Group CEO Nicholas Theodoridis, as well as representatives of SACE (Italian export credit agency) and other delegates.
The client is Carbon Holdings, a privately owned Egyptian company founded by Mr. Basil El-Baz, which develops and operates downstream oil and gas projects. The contract envisages Engineering, Procurement, Construction and Commissioning (EPCC) activities for the realization of utilities and offsite facilities of the complex, which will be executed by a consortium composed by Maire Tecnimont Group and the Netherlands–based Archirodon Group.
The contract, awarded on a direct negotiation basis, has an expected value between USD 1.7 billion and USD 1.95 billion, out of which 50% pertaining to Maire Tecnimont Group. SACE, the Italian export credit company, is currently evaluating its support to the project financing.
The Tahrir Petrochemical Complex, located at the entry of the Suez Channel, is one of the most strategic projects which support the industrial development of Egypt, strengthening the domestic petrochemicals sector and further consolidating foreign direct investments in the Country. Once completed, this major Complex is expected to boost Egypt’s annual exports by more than 25 per cent, creating new jobs opportunities as well as reinforcing the manufacturing sector.
“We feel really honored to have signed this contract in such a prestigious institutional context. This signing is the final outcome of several months of hard work” Fabrizio Di Amato, Chairman of Maire Tecnimont S.p.A., commented. “With this agreement we further consolidate our leadership in petrochemicals and strengthen our presence in Egypt, a strategic area for the Euro-Mediterranean economic relations”.
Maire Tecnimont SpA
Maire Tecnimont S.p.A. is a company listed with the Milan stock exchange. It heads an industrial group (the Maire Tecnimont Group) that leads the international Engineering & Construction (E&C), Technology & Licensing and Energy & Ventures markets, with specific competences in plants, particularly in the hydrocarbons segment (Oil & Gas, Petrochemicals and Fertilisers), as well as in Power Generation and Infrastructures. The Maire Tecnimont Group operates in approximately 30 different countries, numbering around 45 operative companies and a workforce of about 4,300 employees, of whom over half work abroad. For more information: www.mairetecnimont.com.
Carlo Nicolais firstname.lastname@example.org
Simona Raffaelli, Alfredo Mele, Anna Lisa Margheriti
Tel +39 02 89011300