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CAIRO — On June 30, Egypt’s Ministry of Petroleum signed a contract with the Suez Canal Authority for an $11 billion petrochemical project in the Suez Canal Economic Zone in Ain Sukhna. The project is set to become the largest petrochemical complex in the Middle East. This step comes in the framework of Egypt’s policy to expand its oil refining industry.
In November 2016, the Iraqi government signed a contract to supply Egypt with 12 million barrels of crude oil from Basra to be refined in Egypt. The contract was renewed in January.
