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Carbon Holdings participates in the 2018 EIC Connect Oil & Gas Conference in Manchester

(Cairo, Egypt) – Carbon Holdings, a mid-to-downstream petrochemicals company and catalyst of industrial development in Egypt, announced today its participation in the 2018 UK Energy Industries Council (EIC) Connect Oil & Gas Conference held in Manchester, UK on November 27th and 28th. The conference provided a distinct platform for UK businesses to gain further insight on capital project requirements as well as operations and maintenance opportunities around the world.

With the UK topping the list of FDI inflows to Egypt — at around 41% in 2017 with investments amounting to US$20 billion —and given the oil and gas sector receives nearly 50% of these investment inflows, the conference provided an ideal setting for UK businesses to access and align with capital project requirements as well as operations and maintenance opportunities around the world.

The conference featured a high-level panel discussion centered on the opportunities arising within Egypt’s oil and gas sector. During the panel, Carbon Holdings Chief Projects Officer Peter Skelley ran down the opportunities and risks of doing business in Egypt while showcasing Carbon Holdings and its flagship Tahrir Petrochemicals Corporation (TPC) as a key pillar in promoting job creation, supporting industry development, and propping up the Egyptian economy.

“Carbon Holdings was able to leverage its on-the-ground expertise in the oil and gas industry and deep knowledge of Egypt to develop a complete petrochemicals value chain offering a vast range of end products,” said Skelley. “The result, our circa US$11 billion TPC project, was met with outstanding enthusiasm from our international partners as well as local authorities given the expected transformational impact of the project in terms of import substitution, reduced logistics costs and risks of transportation, and the creation of backward links to downstream industries generating further opportunities for SMEs.”

Skelley highlighted that among the benefits of operating in the Suez Canal Economic Zone was the ability to maintain full foreign ownership of the entities and activities within the zone, the exemption of imports from customs duties and sales taxes, and no restrictions on profit repatriation. These incentives, Skelley believes, were key to Carbon Holdings success in attracting foreign partners and pursuing the firm’s strategic growth objectives.

“TPC’s success lies also in its direct impact on the Egyptian economy, with the complex expected to displace over US$300 million in polymer imports with US$3.5 billion worth of polymer exports. Once operational, total chemical product exports are expected to increase to close to US$6 billion from US$2.7 billion currently,” added Skelley.

TPC also plans to purchase circa US$1.5 billion worth of goods and services from Egypt during the construction phase, which will alone create approximately 35,000 direct and indirect jobs. Once operational, TPC is expected to employ more than 3,000 skilled workers, including both engineers and technicians, and as its products will be used as raw materials in manufacturing other goods, TPC has the potential to ultimately create more than 200,000 job opportunities in downstream sectors.

“TPC is a testament to Egypt’s vast investment potential. Our goal continues to be forming industrial entities that can streamline the value chain by transforming Egypt’s oil and gas resources into vital output for Egyptian manufacturers, thereby increasing local export growth and, in turn, supporting economic growth.”

TPC was launched as a national project by the Egyptian government in June of this year, with the signing ceremony attended by government officials, diplomats, export credit agencies, development finance institutions and other major stakeholders.

 

—Ends—

 

About Carbon Holdings:

Carbon Holdings is a privately owned midstream and downstream petrochemical and process industrial plant company and is the principal shareholder and sponsor of several projects in the industrial zone in the Northwest Gulf of Suez, Egypt. Established in 2008 by Chairman and Chief Executive Officer Basil El-Baz, Carbon Holdings is a leader in the development and operation of petrochemical manufacturing projects in Egypt. Its portfolio includes Oriental Petrochemicals Company (OPC), a top producer of polypropylene, and Egypt Hydrocarbon Corporation (EHC), the only producer of nitric acid and low-grade ammonium nitrate in the Middle East and Africa. The company is also establishing the Tahrir Petrochemical Complex with an investment of around US$11 billion, which will be located in Suez Economic Zone.

Contacts:

Carbon Holdings

Hana Shoukry

Tel: +20 (0)2 3344 4774

Email: hshoukry@carbonholdings.com

 

International Enquiries:

Hudson Sandler

Nick Lyon / Bertie Berger

Tel +44 (0) 207 796 4133

Email: carbonholdings@hudsonsandler.com

Forward-looking statements:

This communication contains certain forward-looking statements. A forward-looking statement is any statement that does not relate to historical facts and events, and can be identified by the use of such words and phrases as “according to estimates”, “aims”, “anticipates”, “assumes”, “believes”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “is of the opinion”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “to the knowledge of”, “will”, “would” or, in each case their negatives or other similar expressions, which are intended to identify a statement as forward-looking. This applies, in particular, to statements containing information on future financial results, plans, or expectations regarding business and management, future growth or profitability and general economic and regulatory conditions and other matters affecting the Company.

Forward-looking statements reflect the current views of the Company’s management (“Management”) on future events, which are based on the assumptions of the Management and involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. The occurrence or non-occurrence of an assumption could cause the Company’s actual financial condition and results of operations to differ materially from, or fail to meet expectations expressed or implied by, such forward-looking statements.

The Company’s business is subject to a number of risks and uncertainties that could also cause a forward-looking statement, estimate or prediction to differ materially from those expressed or implied by the forward-looking statements contained herein. The information, opinions and forward-looking statements contained in this communication speak only as at its date and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this communication.