A group of Egyptian, Saudi and Kuwaiti investors is setting up a $453.3 million petrochemical project in Egypt, Bloomberg reports. Egyptian Hydrocarbon, the joint company, will produce ammonium nitrate and nitric acid in the eastern province of Suez.
Ahli United Bank BSC, Banque Misr and the Commercial International Bank Egypt will help fund the project. Egypt Kuwait Holding, Tri-Ocean Energy, Saudi Economic Development and Hayel Saeed Anam Group created the company with capital of $150 million.
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