Cairo: The Egyptian Ministry of Petroleum and Mineral Resources signed a framework agreement with the UK-based Shard Capital to establish a petrochemical complex in New Alamein City. The project, which involves an investment of $7 billion, will be developed in collaboration with Saudi Arabia’s Al-Qahtani Group.

According to State Information Service Egypt, Minister of Petroleum and Mineral Resources, Karim Badawi, stated that the project aims to maximize the added value of Egypt’s natural resources by boosting production and exports. The new complex will adopt advanced technologies to ensure environmental sustainability and efficiency in line with the highest global environmental standards.

Additionally, it will contribute to community development, benefiting the surrounding area and the local population, the minister said. The announcement was made during the Egypt Energy Show (EGYPS 2025), with the participation of the Minister of Petroleum and Mineral Resources, the British Ambassador to Cairo, the CEO of Shard Capital, and the CEO of Tarek Al-Qahtani Group.