Summary of Proposed Investment
Project Number
28878
Company Name
EGYPTIAN INDIAN POLYESTER COMPANY SAE
Date SPI Disclosed
Jun 14, 2010
Country
Egypt, Arab Republic of
Industry
Manufacturing
Projected Board Date
Jul 30, 2010
Status
Completed
Sector
Plastics Material and Resin
Department
Regional Industry - MAS Africa
Environmental Category
B - Limited
Previous Events
Approved : Oct 12, 2010
Signed : May 5, 2011
Invested : Aug 5, 2011
Project Description
South Asian Petrochem Limited (“SAPL” or the “Sponsor”), India’s second largest manufacturer of Polyethylene Terephthalate (“PET”), and Egyptian Petrochemical Holding Company (“Echem”), an agency of the Government of Egypt, have set up a joint venture (“JV”) to establish a 420,000 tpa greenfield PET resin plant in the Eldorado Integrated Development and Free Zone S.A.E. which is at Sector 2 of the Southern Region of the Economic and Industrial Zone, North West of the Suez Gulf at Ain Sokhna on Egypt’s Red Sea coast (the “Project”). SAPL will hold a 70% share in the JV Egyptian Indian Polyester Company (“EIPET” or the “Company”), Echem will hold 23%, and Engineering for the Petroleum & Process Industries (“Enppi”), another Government of Egypt agency, will hold the balance (7%). The Project has an estimated cost of approximately $160 million.
PET, which is produced from mono ethylene glycol (MEG) and terephthalic acid (PTA), is sold in small pellets and its major use is for the manufacture of lightweight plastic bottles for carbonated soft drinks and water.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Rajiv Sharma
Sr.Vice President (Finance) & C.F.O.
South Asian Petrochem Limited
Dhunseri House,
4A, Woodburn Park,
Kolkata 700020
India
Telephone: +91-33-2280 1957 (Direct); +91-33-2283-6130-33 (Ext.106)
Fax:+91-33-2283 4216/ 22801956
For Inquiries and Comments About IFC, Contact
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384E Mail: Webmaster
Local Access of Project Documentation
The Environmental and Social review Summary of the Project will be disclosed to the locally affected communities at factory gate of the Project site located at:
Eldorado Integrated Development and Free Zone S.A.E. which is at Sector 2 of the Southern Region of the Economic and Industrial Zone, North West of the Suez Gulf at Ain Sokhna.