India Increases Petrochemical Investments in Egypt
India’s petrochemical giant TCI Sanmar is planning to boost its investments in Egypt to reach $1.5b. TCI Sanmar’s Chairman, PS Jayaraman, stated that the company is currently investing $1.2b in Caustic soda and is planning for the investment growth to increase the production of Poly Vinyl Chloride (PVC) from 200,000 metric tons to 400,000 metric tons with $300m, which will be the biggest production of PVC in the Middle East, reported Al Mal News.
Jayaraman statement came during his meeting with the Egyptian Minister of Investment and International Cooperation, Sahar Nasr, on the 29th of May.
TCI Sanmar is one of the biggest producers of petrochemicals in the Middle East, as it exports 50% of its production in Egypt abroad. The company also is planning to expand its investment and produce 135,000 metric tons of calcium chloride to raise the total investment to $1.5b.
Minister Sahar Nasr welcomed the company’s desire in boosting its investments in the country and said that Egypt is taking actions to provide attractive climate for investors. TCI Sanmar provides the local markets with its products and also export its products of Caustic Soda to Southern Europe, Asia, Middle East and Northern Africa.