ArabFinance: US-based conglomerate Honeywell is set to invest around $200 million in petrochemicals and green fuel production for airplanes in Egypt, President of Honeywell International for Egypt and North Africa Khaled Hashem announced, according to an official statement on April 22nd.
Honeywell will also participate in the installment of Rubber Tired Gantry (RTG) devices for monitoring warehouses in partnership with Egyptian General Petroleum Corporation (EGPC), Hashem added during a meeting with Minister of Petroleum and Mineral Resources Tarek El-Molla.
The cooperation with the American conglomerate is expected to save between 20% and 30% of the manufacturing costs, he added.
He also said that Egypt has the potential to become a pivotal centre linking Europe to the Middle East in green fuel projects to supply ships and produce hydrogen and ammonia.
Moreover, Hashem expressed Honeywell’s appreciation of competence and commitment of Egyptian engineers.