Cairo – Mubasher: Egypt's Suez Company for Methanol Derivatives has signed a contract with the Arab Petroleum Investments Corporation (APICORP) to finance the production of methanol derivatives at investments range between $35 million and $40 million.
The contract is a key step for this project expected to boost Egypt’s petrochemicals sector and provide value-added products at the domestic market, Egyptian petroleum minister Tarek El-Molla said.
The total investments of methanol derivatives’ project amount to $60 million, the chairman of Suez Company for Methanol Derivatives, Gawdat Al Sadeq, said.
Spanning 100,000 square metres, the project aims to produce 18,000 tonnes annually of urea formaldehyde 85, 34,000 tonnes urea formaldehyde 65, and 26,000 tonnes of modified naphthalene formaldehyde, Al Sadeq added.
