Indorama aims to build $700M factories in Egypt
Updated 8/30/2023 8:19:00 AM
Arab Finance: Indorama Corporation, a leading chemical firm in Asia, is planning to invest around $700 million to set up two factories in Egypt for the production of phosphate fertilizers and silicon metal for solar panels, according to a Cabinet statement on August 29th.
Production from the yet-to-be-established will be dedicated to exportation.
The corporation is also ready to enter partnerships with already existing projects in the country.
In July, the corporation signed a memorandum of understanding (MoU) with the Sovereign Fund of Egypt (TSFE) to study investment opportunities in a group of fields in Egypt.
Both parties back then discussed investment opportunities in mining, fertilizers, phosphate extraction, medical fibers, and other industries.
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