Indian chemical company TCI Sanmar plans USD300M expansion in Egypt
Date
8/14/2024 8:53:01 AM
(MENAFN) Indian chemicals company TCI Sanmar has announced plans to invest USD300 million in expanding its operations in Egypt, according to a statement from the Egyptian Ministry of Transport and Industry. This significant investment is set to enhance the company's existing facilities and establish new infrastructure within the country. Specifically, TCI Sanmar is considering the development of a new ethylene reception and transportation station at the West Port Said Port, with an investment totaling USD150 million. Additionally, the company aims to boost the capacity of its existing factories in Port Said, which focus on the production of Vinyl Chloride Monomer (VCM) and Polyvinyl Chloride (PVC), with an equal investment of USD150 million.
The announcement followed a meeting between Egypt’s Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Lieutenant General Kamel El-Wazir, and a delegation from TCI Sanmar, led by Chairman PS Jayaraman. The meeting focused on exploring investment opportunities and discussing the company's future projects within the Egyptian market. TCI Sanmar is noted as the largest producer of PVC in the Middle East and North Africa, providing approximately 3,000 direct and indirect jobs in Egypt. Currently, the company exports 70 percent of its production while directing 30 percent to the local market. The company has expressed its readiness to shift its production focus entirely to the Egyptian market to help reduce imports and conserve hard currency.
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