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ThyssenKrupp Is Possible Investor In Egypt’s Damietta Port

ThyssenKrupp is possible investor in Egypt’s Damietta port

ThyssenKrupp Is Possible Investor In Egypt’s Damietta Port

Damietta, Egypt (PortSEurope) June 13, 2018 – Following discussions between ThyssenKrupp and Tarek El-Molla, acting Egyptian minister of petroleum and mineral resources, the German company offered to participate with Egyptian oil companies in the implementation of five new projects under preparation.

Possible projects are a poly-butadiene plant at the Egyptian Ethylene and Derivatives Company (Ethydco), a propylene and polypropylene plant at the Sidpec petrochemicals complex expansions and a formaldehyde production plant in Damietta Port. It may also work with Alexandria National Refining and Petrochemicals Company (ANRPC) and Alexandria Mineral Oils Co (AMOC).

El-Molla said that his ministry is keen to expand cooperation with German companies to work in the petroleum sector because of their expertise and advanced technological capabilities that can be utilised in implementing the new projects, stressing that the oil sector will study the possibilities available to activate cooperation between the two sides.

President of the German-Arab Chamber of Industry and Commerce Ulrich Hermann said that the petroleum sector projects represent a major starting point for the expansion of the business and investments of German companies in Egypt.

Thyssenkrupp AG is a German multinational conglomerate with focus on industrial engineering and steel production.

Source: Daily News Egypt

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