The Minster of the Petroleum and Mineral Resources, Tarek El Molla, witnessed the signature of a grant deal between the Acting Deputy Director of the United States Trade and Development Agency (USTDA), Todd Abrajano, and the Chairman of the Egyptian Petrochemicals Holding Company (ECHEM), Saad Helal, to fund the feasibility study of a Polyacetal production project with investments worth $690,000, according to press release.
The project is considered to be the first of its kind in Egypt and Africa. Polyacetal is used in the automotive and consumer electronics industry and its production capacity is estimated to be nearly 50,000 tons per year.
The signature ceremony was attended by the American ambassador to Egypt, Jonathan Cohen. Through the ceremony, El Molla discussed with USTDA how to contribute in infrastructure and value-added projects in the petroleum sector.
El Molla said that this agreement is a distinguished example for the cooperation between Egypt and the US in the oil and gas sector. The minister confirmed the ministry’s interest in expanding the petrochemical industry in the upcoming period
Abrajano stressed his agency’s commitment to contribute in developing the sector and transforming Egypt to a regional gas hub.