Nazif receives Canadian oil company delegation for setting up joint petrochemical venture

Egypt's Prime Minister Ahmed Nazif met on Monday with the visiting board chairman of a Canadian Petrochemical Company, said Petroleum Minister Sameh Fahmi.

Fahmi said that the two sides tackled plans by the company to set p a Canadian-Egyptian company for a proposed petrochemical project with investments reaching up to half a billion dollars.

The project will produce 1.2 million tones of petrochemical products annually.

Fahmi said that the venture is to become one of the most vital industrial projects in Egypt and will be located either in Port Said or Damietta.

The Canadian official, on his part, said that his company will share the project with an Egyptian petrochemical company.