Arab Finance: The Minister of Petroleum and Mineral Resources Tarek El-Molla has called for speeding up the construction process of the Suez Methanol Derivatives Company’s (SMD) under-construction factory at Damietta Port, as per a statement.

This came during the minister’s tour to inspect the construction works at the factory’s site.

The factory’s production is set to serve several plastic and construction industries, and, consequently, meet considerable demand of the local market, El-Molla remarked.

The project is being established on a 100,000-square-meter plot owned by the Egyptian Petrochemicals Holding Company (ECHEM) with around $120 million in investments.

The factory will have a total annual production capacity of 140,000 tons.

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