South Asian Petrochem enters into MOU with Echem

New Delhi, Dec 26 (UNI) South Asian Petrochem Ltd today said it has entered into a memorandum of understanding (MOU) with Egyptian Petrochemicals Holding Company (Echem) to set up a resin Manufacturing plant in Egypt with an outlay of 95 million dollars.

Under the agreement, both the companies will jointly set up a 3,15,000 tonnes per annum (TPA) capacity Polyethylene Terepthalate (PET) resin manufacturing plant in Egypt.

For the purpose of the project, a subsidiary of the company will be incorporated in Egypt, with equity participation from Echem.

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