Middle East’s largest polyester project to commence production by end of 2012

27-Jun-11

The foundation stone has been laid for a 420,000 tpa polyester project- Middle East’s largest; in Egypt’s economic zone, northwest of the Gulf of Suez. This will comprise the last project in the first phase of national plan for petrochemicals carried out by the Egyptian Holding Company for Petrochemicals. This Indo-Egyptian JV will require an investment outlay of US$160 mln. The project is estimated to commence production at the end of 2012. India's Dhunseri Petrochem and Tea Limited will hold 70% stake, while Egyptian Holding Company for Petrochemicals will hold 23% stake and ENNPI will hold the balance 7%.