PRELIMINARY EPC CONTRACT SIGNED FOR A NEW AMMONIA PLANT IN EGYPT

Milan, 12 September 2019Maire Tecnimont S.p.A. announces that its subsidiary Tecnimont S.p.A. has signed with Egypt Hydrocarbon Corporation, a subsidiary of Carbon Holdings, a preliminary EPC contract related to the implementation of a new Ammonia plant in Ain Sokhna, Egypt, near Suez.

The plant capacity is 1320 MTPD and uses KBR technology.

Egypt Hydrocarbon Corporation is a company engaged in the production and sale of Ammonium Nitrate, which is already produced in the same industrial facility where the new ammonia plant will be built.

The contract will become effective upon the finalization of certain contractual conditions and once a financial closing is reached. The support of both SACE and US EXIM Bank will be instrumental to execute the financial closing.

The Scope of Work concerns execution of engineering, supply of all equipment and materials and construction and erection works. The project is expected to be completed in 36 months once it become effective.

The contract was signed by Carbon Holdings Chairman and CEO Basil El-Baz, and Maire Tecnimont Group CEO Pierroberto Folgiero.

The ceremony was also attended by Mrs Dalia Khorshid, Chairwoman and CEO of Masar Financial Advisory, Mr Alessandro Decio, CEO of SACE and H.E. Giampaolo Cantini, Italian Ambassador to Egypt.

Pierroberto Folgiero, Maire Tecnimont Group CEO, commented: “We are very happy to expand our footprint in Egypt in our fertilizers core business, leveraging our longterm relationships with the Egypt Hydrocarbon Corporation”

Maire Tecnimont Group

Maire Tecnimont SpA, listed on the Milan Stock Exchange, is a head company an industrial group leader in natural resources processing industry (plant engineering in oil & gas downstream, with advanced technological and executive skills). With its subsidiary NextChem it operates in the field of green chemistry and technologies for the energy transition. Maire Tecnimont Group is present in approximately 45 countries, has about 50 operating companies and employs about 5,800 people, plus 3,000 professionals in instrumentation business unit. For more information: www.mairetecnimont.com.

Carbon Holdings

Carbon Holdings is a privately owned midstream and downstream petrochemical and process industrial plant company and is the principal shareholder and sponsor of several projects in the industrial zone in the Northwest Gulf of Suez, Egypt. Established in 2008 by Chairman and Chief Executive Officer Basil El-Baz, Carbon Holdings is a leader in the development and operation of petrochemical manufacturing projects in Egypt. Its portfolio includes Oriental Petrochemicals Company (OPC), a top producer of polypropylene, and Egypt Hydrocarbon Corporation (EHC), a leading producer of nitric acid and low-grade ammonium nitrate in the Middle East and Africa. The company is also establishing the Tahrir Petrochemical Complex with an investment of circa US$11 billion, which will be located in Suez Economic Zone. www.carbonholdings.com

MAIRE TECNIMONT
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Carlo Nicolais, Tommaso Verani
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