Renowned Indian group Sanmar Chemicals announced it will increase investments in its Egyptian arm by $280 million, aiming to double the production of polyvinyl chloride (PVC) from 200,000 to 400,000 tons, the Egyptian ministry of trade and industry stated on Wednesday.
In 2007, Sanmar acquired the Egyptian petrochemicals plant Trust Chemical Industries (TCI), becoming the largest producer of caustic soda and PVC in the Middle East and North Africa region.
Caustic soda is used in the manufacture of pulp and paper, textiles, drinking water, soaps and detergents, while PVC is used in the manufacture of underground pipes carrying water, gas and sewage.
"TCI Sanmar provides 2,000 direct and indirect jobs, supplying the domestic market with EGP 2 billion worth of products and saving the country around $200 million each year [worth of imports],” group chairman PS Jayaraman said during a meeting with Egyptian minister of trade and industry Tarek Kabil.
“The company's exports are worth around $400 million a year to several markets such as Southern Europe, Central Asia and the Middle East and North Africa,” Jayaraman said.
The group’s total investments are planned to rise from $1.15 billion to $1.3 billion, the statement read.