Indian-Egyptian joint venture plan $ 160 million PET plant in Egypt

Indian-Egyptian joint venture plan $ 160 million PET plant in Egypt

5:40 PM, 23rd June 2011
Indian-Egyptian joint venture plan $ 160 million PET plant in Egypt

CAIRO, EGYPT: A joint Indian-Egyptian venture will see the construction of a polyethylene terephthalate (PET) plant in Ain Sokhna at a cost of $ 160 million, officials said. The factory’s production capacity will reach 1,200 metric tonne per day producing about 420,000 metric tons of PET plastic chips per year. These plastic products will include bottles, food containers, bottled water, bottled drinks, shampoos and cosmetics.

The Egyptian-Indian Polyester Company (SAE), a joint venture with Dhunseri Petrochem and Tea Ltd, will own 70 per cent of the shares, while the Egyptian Holding Company for Chemicals, will own 23 per cent and Egyptian-owned petroleum and chemicals company, Enppi, will own 7 per cent of shares.

The plant will be located in the private free zone area of Ain Sokhna, just northwest of Egypt’s Suez Gulf. On June 23, Egypt’s Petroleum Minister Mohamed Abdel Moniem along with the governor of Suez and R. Swaminathan, India’s ambassador to Egypt, will officially launch the plant, which is expected to begin production in December 2012. More foreign currency is expected to flow into Egypt as the new plant is expected to export 80 per cent of its production.

(C) WOC News




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