Cairo: India’s largest investor in Egypt’s chemical business is planning to increase its investments in the Middle Eastern country to $1.5 billion, the company’s top executive has said.
The petrochemicals giant TCI Sanmar’s current investments in Egypt are estimated at $1.2 billion in Caustic soda.
The company aims at increasing the production of Poly Vinyl Chloride (PVC) from 200,000 metric tonnes to 400,000 metric tonnes with $300 millions, which will be the biggest production of PVC in the Middle East, Chairman PS Jayaraman said.
TCI Sanmar is one of the biggest producers of petrochemicals in the Middle East, as it exports 50% of its production in Egypt abroad, Jayaraman said during his meeting with Minister of Investment and International Cooperation Sahar Nasr on Monday.
The company also is planning to expanding it’s investment and producing 135,000 metric tonnes of calcium chloride to raise the total investment to $1.5 billion.
Minister Sahar Nasr welcomed the company’s desire in boosting the 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 exporting its products of Caustic Soda to Southern Europe, Asia, Middle East and Northern Africa. PTI
First Published: Tue, May 30 2017. 01 27 PM IST