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.