Italy’s Maire Tecnimont has won a deal worth US$1bn to develop facilities for a petrochemical complex located at the Suez Canal in Egypt
The company said that the Tahrir complex project, which it will share on a 50-50 per cent basis with Dutch group Archirodon NV, had an estimated value of between $1.7bn and US$1.95bn.
According to the agreement signed with Egypt’s privately-owned Carbon Holdings, Maire Tecnimont will build utilities and offsite facilities for the complex, and this is expected to boost the north Africa country’s annual export by more than 25 per cent.
Dubai contractor Drake & Scull International is also expected to contribute to the project.
An unnamed industry analyst said, “It’s good news since the contract falls in Marie Tecnimont’s core business.”
According to industry reports, in 2013 oil, gas and petrochemicals generated almost 80 per cent of Maire Tecnimont’s revenues.
