ECHEM: New Plant To Inject Investments Hit EGP 1.8 Bln Q1/2013
Published Tuesday, 12 June 2012 15:31 | Written by Magdy Zedan
Eng. Osama Kamal, Egyptian PetroChemicals Holding Company (ECHEM) President & Chairman of the Board, said the company will be opening a new polyester plant within the first quarter of the coming year. The investment cost of the new plant will amount to EGP 1.8 billion.
“The new plant shall annually produce 420 tonnes of the basic materials which go through plastics industries.” Kamal added
“The new investments aim at promoting the Egyptian economy. ECHEM is doing its best to provide direct and indirect job opportunities.”
“The total losses amid Misr Oil Processing Company (MOPCO)’s closure since the end of 2011 hit EGP 1.5 billion.”
Kamal has also mentioned that ECHEM has paid back about $36 million out of the total loans which worth $139 million.”