TCI Sanmar Chemicals to build $15M production lines in Egypt
Updated 12/28/2022 12:00:00 PM
ArabFinance: TCI Sanmar Chemicals, a subsidiary of India’s Sanmar Group, is planning to build four new production lines for calcium chloride and polyvinyl chloride (PVC) in Egypt with $15 million investments, Zawya reported on December 27th.
The new production lines are set to have a total capacity of 225,000 tons per year.
Chairman of TCI Sanmar Chemicals, P.S. Jayaraman, revealed that the project was slated for completion in two years following the fulfillment of necessary government approvals for construction.
He added that PVC production was expected to grow to 350,000 metric tonnes (MT) by March 2023 from 245,000 MT achieved in 2021.
PVC output is expected to hit 400,000 MT by the end of 2023, Jayaraman said.
The top executive unveiled that his company was targeting sales ranging between $550 million and $600 million in 2023.
Furthermore, TCI Sanmar is reportedly planning to build a loading terminal in Port Said’s El-Gamil area with an initial investment of $160 million to import ethylene and export its products.
“We plan to use both self-financing and banks for financing the project, which needs about two years to be completed after a period of 15 months to have the government approvals and licenses,” Jayaraman noted.
On December 25th, TCI Sanmar Chemicals released its fourth sustainability report, showcasing the company’s achievements in the realm of sustainability in the fiscal year that ended in March 2022.
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