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$160mln to be invested in the first phase
A joint venture between Austria-based Petrochemical Holding and Czech-based Draslovka will build a sodium cyanide manufacturing plant in Egypt, according to a press statement issued by the Egyptian Ministry of Trade and Industry.
A delegation headed by Yakov Goldowski, President of Petrochemical Holding and Pavel Bružek, CEO of Draslovka met the Minister of Trade and Industry Ahmed Samir to review the project, which involves an investment of $160 million in the first phase.
The press statement said the plant will meet local demand and export 80 percent of its production to markets in the Mediterranean Basin, Middle East and Africa.
Samir underlined the importance of the project in meeting raw material needs of the mining, pharmaceutical, and pesticide industries in Egypt. He said the project will contribute to the goal of increasing Egyptian exports to African markets, within the framework of the African Free Trade Agreement (AFCFTA).
Details about the project’s location and production capacity weren’t disclosed but the statement quoted Goldowski as saying that approvals have been obtained from the relevant authorities to secure energy and raw material requirements of project.. |
