Petrochem project in Alexandria

CAIRO, 18 May  — Saudi Arabian Petrochemical Company and Egypt’s Petroleum Corporation signed yesterday a memorandum of understanding to set up a joint venture petrochemical plant in Alexandria. The project is expected to supply raw material for textile industry in Egypt and rest of the Middle East region. The $550 million project will save about $125 million in foreign exchange for Egypt and will create a large number of jobs. The plant will be commissioned in 2003, said SAPCO Chairman Ahmad Badeeb.