Gas liquefaction factory contract signed in Madrid

Egypt and three foreign companies signed yesterday a contract in Madrid by which the consortium inducing Spanish, Japanese and American companies will set up a factory in Dametta for gas liquefaction. Egypt's Ambassador in Madrid Hussein Haridi said the $ 1.2 billion cost factory will export quantities worth of $ 1.5 billion a year.

The project will begin this month and due to be finished after 35 months.

Chairman of the Spanish company expressed confidence in investment in Egypt and the project's success.