MOSCOW (MRC) -- TCI Sanmar Chemicals is planning to invest USD15 M in 2023 in Egypt for boosting its production capacity for calcium chloride and polyvinyl chloride (PVC) by employing four new production lines with an overall capacity of 225,000 tonnes/y, said the company.
According to the chairman of the company, PVC production is anticipated to increase to 350,000 tonnes by Mar 2023 compared to 245,000 tonnes achieved in 2021.
Full capacity of 400,000 tonnes is anticipated to be reached by end-2023. The chairman also announced that the company is targeting sales revenue of USD550-600 M in 2023.
Recently, the company has inked an MoU with the Saudi Ministry of Investment for the supply of vinyl chloride, a key raw material for PVC production. The company is also intending to create a loading station in El-Gamil area in Port Said worth USD160 M to import ethylene and export its products. TCI Sanmar Chemicals is a wholly-owned Egyptian subsidiary of Sanmar Group.
We remind, Chemplast Sanmar Ltd., a chemicals manufacturer based in India has reported financial results for the period ended March 31, 2022. The company’s net profit declined by 36.4% to Rs 2.31 billion for the period ended March 31, 2022 as against Rs 3.64 billion for the period ended March 31, 2021. Net sales increased by 34.4% to Rs 18.15 billion during the period ended March 31, 2022 as compared to Rs 13.50 billion during the period ended March 31, 2021.