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Egypt to build a US$3.5 billion petrochemicals plant


Egypt awarded South Koreas SK Engineering & Construction a US$3.5 billion deal to build a petrochemicals complex in Egypt in a joint venture it operates with US firm Shaw Group.

The project will be built at Ain Sukhna, an energy hub on the Gulf of Suez, reported Reuters.

In a company statement, SK Engineering & Construction said that it and US engineering company Shaw Group plan to construct the complex from 2012 to 2016 under the agreement made with Egypt private company Carbon Holdings.