Indian industrial chemical manufacturer TCI Sanmar plans to invest an initial USD 160 mn to set up a loading terminal near Port Said to import ethylene, a source close to the matter told Enterprise, confirming a report from Zawya. The terminal, which will be financed both through bank loans and self-financing, will take two years to complete, Zawya quoted Chairman PS Jayaraman as saying. Our source could not confirm details on financing and timeline of the terminal’s construction.

The company is also maintaining its regular annual capex spend of around USD 15 mn in Egypt next year to expand its local production capacity for calcium chloride, our source said. The money will fund four new production lines with a total capacity of 225k tons a year, an expansion that is expected to take two years to complete, Jayaraman reportedly said.

About TCI Sanmar: The Indian chemicals company has invested some USD 1.5 bn into local factories for polyvinyl chloride (PVC), caustic soda, calcium chloride and green ethylene, making it Egypt’s largest Indian investor, according to its website.