VOL. XLII

No. 14

5-April-1999

EGYPT

Egypt To Establish New Refining And Petrochemicals ComplexIn Alexandria

A group of Egyptian banks and private sector investors haveannounced that they will establish a LE5bn ($1.5bn) refining and petrochemicalcomplex in the Mex area, west of Alexandria, called Alexandria NationalRefinery and Petrochemicals Company. The wholly-owned Egyptian company has apaid up capital of LE900mn ($265mn). MEES has learned from a localbanker involved in the deal that 60% of the...