Polyethylene terephthalate (PET) resin plant, Damietta, Egypt
Name and location
Polyethylene terephthalate (PET) resin plant, Damietta, Egypt.
Project description
India's second-largest manufacturer of PET, South Asian Petrochem Limited (SAPL), is planning to set up a joint venture with the Egyptian Petrochemical Holding Company (Echem), an agency of the Egyptian government, to establish a 315 000-t/y greenfield PET resin plant in Damietta, on Egypt's Mediterranean coast.
The project has an estimated cost of approximately $135 million (including working capital requirements).
The project will be the first PET plant in North Africa.
Value
The project has an estimated cost of $135-million (including working capital requirements).
The International Finance Corporation (IFC) has proposed a loan investment of $20-million to the project company in Egypt and an equity investment of up to $6-million in SAPL, which will be used to partially fund SAPL's proposed equity in the project.
Domestic Egyptian banks will provide the remaining senior debt and the working capital facility for the project.
Duration
A timeframe for the project has not been disclosed.
Breakdown of main contracts
Not stated.
Client
SAPL will have a 70% share in the project company, Egyptian Indian Polyester, while Echem will hold 23% and Engineering for the Petroleum and Process Industries will hold the balance of 7%.
Latest developments
None stated.
Participants
IFC (loan investment).
Construction materials
Not stated.
On budget and on time?
Not stated.
Contact details for project information
SAPL, tel +91 33 2280 1957 or
fax +91 33 2283 4216.
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