EGYPT: USD 690 K deal to fund feasibility study of 'polyacetal' production project - Molla
Petroleum Minister Tareq el Mulla said that a USD 690,000 grant deal was signed to fund the feasibility study of a "polyacetal" production project. The US Trade and Development Agency (USTDA) awarded a feasibility study grant to the Egyptian Petrochemicals Holding Company (Echem), which represents the petroleum sector, he elaborated. The grant deal was signed by USTDA’s Acting Deputy Director Todd Abrajano and Echem’s Chairman Saad Helal.
The signing ceremony was attended by Mulla and US Ambassador in Cairo Jonathan Cohen. The Petroleum Ministry said in a statement on Tuesday (10 December 2019) that the minister discussed with USTDA officials the agency's contribution to infrastructure and value-added projects in the petroleum sector. The project is the first of its kind in Egypt and Africa. Its production capacity is estimated at nearly 50,000 t/y. The project depends on the locally produced methanol by "Methanex Corporation" in Damietta.
Source: Daily “Egypt Today”, Cairo, through MENA (Middle East News Agency); 10 Dec 2019
(Syed Rashid Ali, Karachi, Pakistan)
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