WASHINGTON (Aug. 5)
Nineteen American construction and engineering executives are in Egypt for three days of talks on the possibility of American companies participating in Egypt’s development and reconstruction program. According to reports reaching here, David Baker, a Commerce Department official who is leading the group, announced today in Cairo that an American consortium has agreed in principle to work on a proposal to carry out Egypt’s $700 million petrochemical program.
But Baker reportedly refused to name the firms in the consortium or the companies that are considering participating in five other projects being discussed with the Egyptians. Talks have begun on a chemical and fertilizer complex at Suez, together with a pipeline worth $250 million; a $100 million refinery at the Mediterranean terminal of the projected pipeline and a $15 million sheet and plate glass plant. Baker reportedly said the U.S. firms were concerned mainly with big projects which would most likely be carried out as Joint projects.