Arab Finance: The Egyptian United Gas Derivatives Company (UGDC) and the Indian chemicals producer TCI Sanmar Chemicals have signed a memorandum of understanding (MoU) to boost TCI Sanmar's expansion plans in Egypt, with $150 million in investments, as per an emailed press release.

Under the MoU, UGDC will use its facilities in the port of Damietta to facilitate the safe import of raw materials required for development projects and the Indian firm’s expansion plans.

The deal also covers the use of the Egyptian infrastructure to shore up production, investment, and added value in favor of the Egyptian economy.

“This MoU reflects our unwavering dedication to the growth of Egypt’s national economy and the advancement of the petrochemical industry,” said P.S. Jayaraman, Chairman of TCI Sanmar Chemicals.

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