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Egypt’s $7.5bn Complex Exposes Nigeria’s Failure in Tapping into The $20bn Petrochemical Opportunity

Jul 26, 2021 01:20 PM
Egypt’s $7.5bn Complex Exposes Nigeria’s Failure in Tapping into The $20bn Petrochemical Opportunity New express, Africa Business Radio, BusinessAM, Petrochemicals, Egypt, Nigeria, Africa Business News

Egypt, the North African economic giant’s incoming Red Sea Petrochemicals complex, with total investments worth $7.5 billion will place it on top of countries in the world producing high-quality petrochemicals. The country, which is Africa’s third-largest economy, signed contracts for engineering works with French energy solution giant, Axens Ink, relating to manufacturing licenses of the Red Sea petrochemical complex, a statement sent to Business A.M. by Corinne Garriga, Axens’ head of corporate communications quote the Egyptian ministry of petroleum and mineral resources. The incoming petrochemicals plant throws up a huge challenge to Nigeria, Africa’s top oil producer but its only midstream effort in the petrochemicals The sector is way behind, despite the massive opportunities it has in the sector.

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