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The Industrial Development Authority (IDA) approved the establishment of the 1st industrial project in Egypt & North Africa to produce polyethylene terephthalate (PET) necessary for producing plastic bottles.
IDA Chairman, Eng. Amr Assal stated that this project will be established by the Egyptian-Indian Co. at Al Raswa industrial zone in South Port Said. The project will be on an area of 140.000 M2 with investment costs of L.E170 million & provide 450 direct & 450 indirect job opportunities.
In
addition, Eng. Amr Assal, Eng. Amr Assal announced that the
production will start within 2 years, of
which 20% are to be allocated to the
local market, & 80% to be exported to
the European & American ones.
IDA Chairman pointed out that the project will be carried out by the Petrochemicals Holding Company with participation of 23%, Enppi Petroleum Co. with participation of 7% & South Ethan Petrochemical Ltd. Co. with participation of 70% .
On his part, the Regional Director for the Egyptian-Indian Co, Mr. Amr Fayed, stated that the factory will be implemented next January, of which all its raw materials will be imported. The factory's 2nd stage will be with investment costs of $150 million, & its production will be duplicated, in addition to providing more direct &indirect jobs.
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