The Egyptian Ethylene and Derivatives Company (ETHYDCO), a newly-established subsidiary of Sidi Kerir Petrochemicals Company (Sidpec), has received five offers for setting up a polyethylene plant, ETHYDCO Chairman Ahmed Helmi has said.
The company has sought an amount of US$ 1.25 billion in loans for the project, out of which the Government has already approved a bridge loan of US$ 240 million for construction of the new plant.
ETHYDCO is expected to soon sign an agreement with five different banks for US$ 1.25 billion loan amount. The banks are Banque du Caire, National Bank of Egypt, Banque Misr, Arab African International Bank and Commercial International Bank of Egypt.
The new plant to be set up in the coastal city of Alexandria will have a production capacity of 400,000 tons per year.
Fibre2fashion News Desk - India