Tecnimont to set up Egyptian subsidiary with Echem

Tecnimont, the Italian industrial conglomerate, is to establish a subsidiary in Egypt in partnership with a state-owned oil company and a local contractor.

Tecnimont signed a joint venture agreement with Cairo's Egyptian Petrochemicals Holding Company (Echem) on 11 February to establish an engineering and management services company in the country.

Petrojet, a local oil services company, will also take a stake in the new company.

"This initiative opens the door to Egypt where we intend to focus significant resources," says Fabrizio di Amato, chairman and chief executive officer of Italy's Maire Tecnimont, the parent company of Tecnimont.

Milan-based Tecnimont is an international industrial group operating in the petrochemicals, oil and gas, power, infrastructure and civil engineering sectors.

It specialises in polyolefins and was ranked fifth in MEED's petrochemicals contracts league table, on the basis of $1.85bn worth of contracts won between June 2006 and May 2007 (MEED 15:6:07).