India’s TCI Sanmar Chemicals signs $150mln investment deal in Egypt

India’s TCI Sanmar Chemicals and Egypt’s United Gas Derivatives Company (UGDC) signed a MoU with total investment of $150 million, aiming to bolster TCI Sanmar’s commitment to Egypt’s petrochemical sector and its national economy.

Under the agreement, UGDC will use its world-class facilities in the port of Damietta to facilitate safe import of raw materials needed for development projects and expansion plans of TCI Sanmar Chemicals, said a statement published by Ministry of Petroleum on Monday.

Egypt’s Minister of Petroleum and Mineral Resources Tarek El Molla, indicated that there are opportunities to develop cooperation with the company in future projects, as Egypt places the petrochemical industry on its top priorities of its national strategy.

El Molla witnessed the signing of the agreement between Refaat Abdel Khaleq, chairman of UGDC, and P.S. Jayaraman – Chairman of TCI Sanmar Chemicals, the statement mentioned.

Egypt is currently playing a pivotal role as a regional centre for the energy sector, benefiting from the diversity of its infrastructure and the development and modernization it has witnessed in recent years, he added.

El Molla further explained that the agreement with TCI Sanmar Chemicals includes the utilisation of infrastructure to serve the purpose of increasing production, investment, and added value for the benefit of the Egyptian economy.

“This MoU reflects our unwavering dedication to the growth of Egypt’s national economy and the advancement of the petrochemical industry,” said Jayaraman.