TCI Sanmar Chemicals signed a Memorandum of Understanding (MoU) with United Gas Derivatives Company (UGDC), solidifying a strategic partnership that will further bolster TCI Sanmar’s commitment to Egypt’s petrochemical sector and its national economy.
Tarek El Molla, Egypt’s Minister of Petroleum and Mineral Resources, witnessed the signing of the memorandum of understanding between UGDC and TCI Sanmar Chemicals, wherein the UGDC will use its world-class facilities in the port of Damietta to facilitate safe import of raw materials needed for development projects and expansion plans of TCI Sanmar Chemicals.
The memorandum of understanding was signed by Refaat Abdel Khaleq, UGDC Chairperson of the United Gas Derivatives Company (UGDC), and P.S. Jayaraman – Chairperson of TCI Sanmar Chemicals, in the presence of Hassanein Mohamed – Head of the Central Department for the Affairs of the Minister’s Office, and Yassin Mohamed – Vice Chairperson for Operations and Networks and board member at the Egyptian Natural Gas Holding Company (Egas), and S Ganeshkumar – Managing Director of TCI Sanmar Chemicals.
Following the signing, El-Molla, stressed the importance of this cooperation with the largest Indian investment company in Egypt, indicating that there are opportunities to develop cooperation with the company in future projects, as Egypt places the petrochemical industry on its top priorities of its national strategy.
El-Molla added that Egypt is currently playing a pivotal role as a regional center for the energy sector, benefiting from the diversity of its infrastructure and the development and modernization it has witnessed in recent years, stressing that the infrastructure is being utilized as a foundation for production expansions and increased investments pumped by global partners into Egypt. He further explained that the agreement with TCI Sanmar Chemicals includes the utilization of infrastructure to serve the purpose of increasing production, investment, and added value for the benefit of the Egyptian economy.
El-Molla pointed out that the influx of investments by international companies into the Egyptian oil and gas sector is a testament to Egypt’s increasing appetite to become a reliable partner to an array of businesses and investors, stressing that Egypt is working to overcome the challenges facing investments.
He further elaborated that this agreement is an example of strengthening economic and investment cooperation and partnerships between Egypt and India, and the relations that the two countries enjoy under the leadership of President Abdel Fattah Al-Sisi and the Prime Minister of India, Narendra Modi.
“This MoU reflects our unwavering dedication to the growth of Egypt’s national economy and the advancement of the petrochemical industry,” said Jayaraman. “TCI Sanmar Chemicals has a long-standing history of enriching the sector, and this partnership with UGDC aligns perfectly with Egypt’s Vision 2030. By investing $150m (equivalent to EGP 4.6bn), we aim to support our expansion plans and contribute meaningfully to the national economy.”
