SEOUL: South Korea’s SK Engineering and Construction said Tuesday it has teamed up with a US engineering firm to build a $3.5 billion petrochemical plant in Egypt.
The deal was signed in South Korea by executives of SK, its US partner Shaw Group and Egyptian firm Carbon Holdings, the company said in a statement.
The plant capable of producing 1.35 million tons of ethylene a year will be built in the Ain Sokhna industrial complex 120 kilometers (72 miles) east of Cairo, it said.
The Korean company said construction would be completed in 2016.
