GE, Carbon Holdings sign $500m technology cooperation deal

GE and Carbon Holdings Monday signed a $500 million agreement to provide technology and equity support to the greenfield naphtha cracker and olefins complex project of Tahrir Petrochemicals in Ain Sokhna, Egypt.
As part of the partnership, GE, with proven strong competencies in energy, oil and gas, power, water, aviation, transportation and health care among others will provide equity financing and advanced technologies to the new petrochemicals complex.
This is part of an integrated package of solutions to meet the needs of the country. The technologies to be provided for the new plant include advanced aero-derivatives gas turbines, steam turbines, generators, water filtration and desalination equipment, turbo machinery compressors and industrial solutions services.
At a ceremony held at the Egyptian Ministry of Industry & Foreign Trade, John Rice, GE’s vice chairman, signed the agreement with Basil El-Baz, chairman and CEO of Carbon Holdings.
Mounir Fakhry Abdel-Nour, minister of industry and foreign trade, said: “Egypt is focused on providing a strong and business-friendly environment for investors. In addition to facilitating easy procedures that promote industrial investment, we are also committed to bring advanced technological partnerships that can benefit our youth and all-round economic growth. The visit of GE’s senior executive to the country and the company’s partnership on the largest industrial project of its kind in Egypt highlights growing investor confidence. The project will be a strong value addition to our economy.”
John Rice said: “GE is committed to strengthen our presence and partnerships in Egypt, where we have had a presence of over four decades. We are proud to support key customers with technology and capital that can accelerate productivity and address the increasing demand for infrastructure and industrial development. GE’s advanced technologies will be an ideal fit for the project, which will create new jobs for Egyptian youth and boost the manufacturing and exports sector of the country.”