Basil El-Baz
From Wikipedia, the free encyclopedia
Basil El-Baz | |
|---|---|
 | |
| Education | Government & Economics |
| Alma mater | Harvard University |
| Occupation | Industrial Entrepreneur |
| Employer | Carbon Holdings |
Basil El-Baz is an Egyptian industrialist, entrepreneur and business executive serving as chairman and chief executive officer of Carbon Holdings, a mid-to-downstream oil and gas development company.[1]
While studying government and economics at Harvard University, El-Baz developed the concept for building an ammonia plant in Egypt, which ultimately became Egypt Basic Industries Corporation (EBIC). He submitted a feasibility study on this concept and was awarded a grant by the United States Trade and Development Agency to conduct further studies.[2]
El-Baz has developed and financed two major industrial greenfield projects in Egypt, Egypt Basic Industries Corporation (EBIC) and Egypt Hydrocarbon Corporation (EHC). EBIC is the only project to receive a comprehensive loan guarantee from the Export – Import Bank of the United States. Furthermore, EBIC is one of a select number of projects in Egypt to be financed entirely by consortium of international banks. The project had an approximate value of US$650 million at closing.[3] EBIC is the 6th largest global exporter of ammonia.[citation needed] EBIC was eventually sold to Orascom Construction Industries.[4]
Carbon Holdings’ second project, Egypt Hydrocarbon Corporation (EHC), with a transaction value of approximately US$550 million is considered as the first major industrial project to close in post-revolution Egypt.[5][6] Construction of the second project commenced in August 2011.[citation needed]
Carbon Holdings is developing the approximate of US$11 billion Naphtha Cracker and Polyethylene Complex project named Tahrir Petrochemicals Corporation (TPC).[7] Originally the project was expected to be completed in 2017, but was delayed for different reasons. The work has started in July 2019.[8]