India's leading producer of polyethylene terephthalate resin Dhunseri Petrochem & Tea Ltd said Wednesday its subsidiary Egyptian Indian Polyster Company (EIPET) has laid the foundation stone for the 420,000 mt/year PET resin plant at the port town of Ain Sokhna, northwest of the Gulf of Egypt.
The plant is estimated to cost $160 million and is expected to be commissioned by end of 2012, Dhunseri said in a statement. Initial revenues of $700 million/year are forecast when fully operational, the company said.
EIPET is a 70% subsidiary of Dhunseri Petrochem with Egyptian Petrochemicals Holding Co. owning 23% equity and Engineering for the Petroleum and Process Industries 7%.
"This will be the first PET resin plant in North Africa and apart from this region, will cater primarily to Europe for which Ain Sokhna Port offers significant logistic advantages," Dhunseri said.
Dhunseri Petrochem currently operates a 200,000 mt/year PET resin plant at Haldia and with its brownfield expansion underway, the total capacity of Haldia will exceed 400,000 mt/year by March 2012. With the commissioning of the Ain Sokhna plant, the total worldwide capacity of the Dhunseri Group will be over 800,000 mt/year, the company said.
