Tahrir Petrochemicals Corporation and Africa Finance Corporation sign a $1.25 Billion Equity Subscription Framework Agreement
(Cairo, Egypt) – Carbon Holdings, a mid-to-downstream petrochemicals company and catalyst of industrial development in Egypt, announced today the signing of a $1.25 Billion equity subscription framework agreement between Tahrir Petrochemical Corporation (TPC) and Africa Finance Corporation (AFC) in the presence of the Prime Minister of Egypt, the Minister of Investment and International Corporation and the Chairman of the Suez Canal Authority and the Suez Canal Economic Zone.
H.E Dr. Mostafa Madbouly, the Egyptian Prime Minister, oversaw the signing of equity subscription framework agreement between Tahrir Petrochemical Corporation (TPC) and Africa Finance Corporation (AFC), which funds large-scale infrastructure projects in Africa. The project is slated to become the largest petrochemical project in the Middle East with total investments of circa $11 billion. The signing ceremony, which was held on the sidelines of the Africa 2018 conference held in Sharm El Sheikh, was also attended by H.E Dr. Sahar Nasr, the Egyptian Minister of Investment and International Cooperation, and Admiral Mohab Mamish, Chairman of the Suez Canal Authority and the Suez Canal Economic Zone.
During the signing, Dr. Nasr stressed the government’s efforts to attract more investments to the Suez Canal Economic Zone while Admiral Mamish lauded the Economic Zone’s contribution to the development of the entire region. The Economic Zone offers attractive facilities and incentives to investors, promoting the zone in international conferences.
AFC representative Mr. Sanjiv Gupta stated that the Egyptian government is currently implementing policies to diversify the economy and support the private sector to develop new industries that will create high-value jobs for Egyptians. “We are proud to partner with Tahrir Petrochemical Corporation; a breakthrough project in one of the most important petrochemical industries in the region, which we believe will benefit Africa as a whole,” he added.
TPC will provide one of the world’s largest single-train naphtha cracker to produce polyolefins. Upon completion, the Naphtha Cracker Unit is expected to produce approximately 1.5 million metric tons per annum (MTA) of Ethylene which is further processed in the Polyethylene Units to produce 1.35 million MTA of High-Density Polyethylene (HDPE) and Linear Low-Density Polyethylene (LLDPE), approximately 925,000 MTA of Polymer Grade Propylene, which is converted to Polypropylene, 250,000 MTA of Butadiene, 350,000 MTA of Benzene and 130,000 MTA of Gas Oil.
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 circa USD 10.9 billion, which will be located in Suez Canal Free Economic Zone.
Tel: + 20 (2) 3344-4774
Nick Lyon / Bertie Berger
Tel +44 (0) 207 796 4133
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 in this prospectus. 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.