GE, Carbon Holdings sign $500m technology cooperation deal

Updated 18 November 2013
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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.”


Saudi Aramco to invest in refinery-petrochemical project in east China

Updated 18 October 2018
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Saudi Aramco to invest in refinery-petrochemical project in east China

  • This is the third such project in China that Saudi Aramco has set its sight on
  • Last month, Saudi Aramco signed a long-term deal with the Zhejiang project’s operator Zhejiang Rongsheng to supply crude oil

ZHOUSHAN, China/SINGAPORE: State oil giant Saudi Aramco signed an agreement on Thursday to invest in a refinery-petrochemical project in eastern China, part of its strategy to expand in downstream operations globally.
The memorandum of understanding between the company and Zhejiang province included plans to invest in a new refinery and co-operate in crude oil supply, storage and trading, according to details released by the Zhoushan government after a signing ceremony in the city south of Shanghai.
Zhejiang Petrochemical, 51 percent owned by textile giant Zhejiang Rongsheng Holding Group, is building a 400,000-barrels-per-day refinery and associated petrochemical facilities that was expected to start operations by the end of this year.
This is the third such project in China that Saudi Aramco has set its sight on as it seeks to lock in long-term outlets for its crude oil and produce fuel and petrochemicals to meet rising demand in Asia and cushion the risk of a slowdown in oil consumption.
Last month, Saudi Aramco signed a long-term deal with the Zhejiang project’s operator Zhejiang Rongsheng to supply crude oil.
The oil giant had not yet finalized the size of its stake in the project and still needed to complete due diligence, Aramco’s Senior Vice President of Downstream, Abdulaziz Al-Judaimi, said on the sidelines of the event.
Saudi Aramco expects to supply 170,000 barrels per day of Saudi crude to the refinery in Zhoushan when it starts operations, he said.
The first crude carrier supplying the refinery should arrive in December or January, depending on when the project starts, he added.
Aramco also owns part of the Fujian refinery-petrochemical plant with Sinopec and Exxon Mobil Corp, and has plans to build a 300,000-bpd refinery with China’s Norinco. It is also in talks with PetroChina to invest in a refinery in Yunnan.