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