USTDA sup­ports Egypt’s en­ergy in­fra­struc­ture, cre­ates mar­ket ac­cess for US com­pa­nies

The Daily News Egypt - - News -

As part of this week’s US Busi­ness Mis­sion to Egypt, the US Trade and De­vel­op­ment Agency’s ( USTDA) Act­ing Di­rec­tor, Thomas R. Hardy, met with the Egyp­tian Min­is­ter of Petroleum Tarek El- Molla and with over 40 US com­pa­nies in the del­e­ga­tion, ac­cord­ing to a press state­ment is­sued by the agency.

The Busi­ness Mis­sion, which was or­gan­ised by the US Egypt Busi­ness Coun­cil and the Amer­i­can Cham­ber of Com­merce in Egypt, also served as the back­drop for USTDA’s grant sign­ing with the En­jaz Project Man­age­ment, an Egyp­tian sup­plier and ser­vice provider in en­ergy and heavy in­dus­tries mar­kets.

The state­ment in­di­cates that the grant agree­ment sup­ports a fea­si­bil­ity study for the de­vel­op­ment of the En­jaz In­te­grated Petro­chem­i­cal Com­plex Project, a methanol- based chem­i­cal com­plex in the Suez Canal Eco­nomic Zone, that will utilise Egypt’s abun­dant, new­found nat­u­ral gas re­sources to sup­port the coun­try’s grow­ing econ­omy.

More­over, the US firm Fluor, one of the world’s largest en­gi­neer­ing, pro­cure­ment, fab­ri­ca­tion, con­struc­tion and main­te­nance com­pa­nies, will carry out the study.

“I ap­pre­ci­ate the op­por­tu­nity to visit Egypt and meet with pub­lic and pri­vate sec­tor part­ners to dis­cuss on­go­ing and fu­ture co­op­er­a­tion,” said Hardy, adding, that USTDA is pleased to part­ner with En­jaz and Fluor on this im­por­tant project sup­port­ing Egypt’s petro­chem­i­cal sec­tor.

On the other hand, Omar Hamza, chair­per­son and the CEO of En­jaz ex­pressed his ap­pre­ci­a­tion for the sup­port and for the grant re­ceived from USTDA, ex­plain­ing that this project is the first spe­cialty chem­i­cal project of its kind in Egypt, and has the po­ten­tial to di­ver­sify Egypt’s petro­chem­i­cal port­fo­lio, while cre­at­ing new eco­nomic op­por­tu­ni­ties.

“We are com­mit­ted to sup­port­ing lo­cal en­trepreneurs, like En­jaz, who con­trib­ute sig­nif­i­cantly to lo­cal in­dus­try and com­mu­nity de­vel­op­ment. We also ap­pre­ci­ate the im­por­tance of the USTDAs role in pro­mot­ing new busi­ness op­por­tu­ni­ties for Amer­i­can com­pa­nies, like Fluor, in Egypt.” said Al Collins, pres­i­dent of Fluor En­ergy and Chem­i­cals busi­ness in Eu­rope, Africa and the Mid­dle East

“This im­por­tant agree­ment, signed to­day, and the ro­bust US busi­ness trade mis­sion that is cur­rently vis­it­ing Egypt are con­crete ex­am­ples of the co­op­er­a­tive work that the US and Egypt are pur­su­ing to deepen and strengthen our long­stand­ing com­mer­cial and de­vel­op­ment part­ner­ship,” said the Chargé d’Af­faires at the US Em­bassy in Cairo, Thomas H. Gold­berger.

The grant agree­ment sup­ports a fea­si­bil­ity study for the de­vel­op­ment of the En­jaz In­te­grated Petro­chem­i­cal Com­plex Project

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