US Funds Styrene plant

E-STYRENICS RECEIVED A GRANT FOR $434.268(LE 2.32 MILLION) from the new United States Ambassador to Egypt Margaret Scobey, through the US Trade and Development Agency. The grant will be used to fund a feasibility study for the establishment of a new styrene factory near Alexandria.

The Factory will have an annual capacity of 200.000 cubic meters, producing food packaging, TV casing and refrigerator lining, according to Mohamed Zaki, operations manager at E-Styrenics “We are planning to export 100.000 and use 100.000 in the local market,” he says, adding that the factory will” employ 500 direct labor and 3.000 indirect.”

E-Styrenics is owned by several government entities including the Egyptian petrochemicals Holding Company, National Investment Bank, Ministry of Finance, Petrojet and Engineering for Petroleum and Process Industries.

“This is kind of development that is a clear public private partnership,” said Scobey, speaking at the signing. With around 70% of Egypt’s petrochemicals imported,”it will allow Egypt’s to reduce its dependence on imports and also benefit from exporting excess production,” she added.