India-based Dhunseri Petrochem and Tea Ltd. (DPTL) will set up a joint venture greenfield world scale bottle grade polyethylene terephthalate (PET) plant in Ain Sokhna, 115 kms, east of Cairo, the capital of Egypt.
The Indo-Egyptian joint venture to be called the Egyptian-Indian Polyester Company, SAE (EIPET) will have an annual nameplate capacity of 420,000 tons and will be set up at a cost of US $200 million.
Dhunseri Petrochem will own 70 percent stake, while the joint venture partners - Egyptian Petrochemical Holding Company (ECHEM) and Engineering for Petroleum & Process Industries (ENPPI), will own 23 percent and 7 percent stake, respectively.
Both, ECHEM & ENPPI are promoted by Ministry of Petroleum - Govt of Egypt to promote petroleum industry in the country.
Providing details exclusively to fibre2fashion, Mr B Chattopadhyay, Executive Director & CEO – DTPL said, “DTPL has a vision to become one of the largest producers of PET Resin in the world. In pursuit of achieving this goal, DPTL is expanding its business in and outside India.
“DPTL is also setting up a 210,000 MTA PET Resin project in Haldia, West Bengal - India. When commissioned in April 2012, DPTL will be the largest producer of PET Resin in India. DPTL is setting up a project in Egypt because there is no manufacturing plant in Africa.
“EIPET will supply the PET Resin to Egyptian and other North African markets including Israel. It will also supply products to Europe and US. The energy and manpower cost in Egypt is extremely competitive. Hence, EIPET will also be able to sell its product in the international market too", he concluded by saying.
Fibre2fashion News Desk - India
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