APICORP signs a US$35 – US$40 million memorandum for Suez Company for methanol derivatives

The plant production is aimed to supply the local market, although certain quantities will be exported in the early years.

Dr. Ahmed Ali Attiga, Chief Executive Officer of APICORP commented: “APICORP has had a long and successful presence in Egypt. Supporting all areas of the regional energy and petrochemicals industries goes to the very heart of APICORP’s approach, so today’s announcement is evidence of our continued and successful efforts to support and contribute to the stability and growth of the Egyptian economy.”

The Egyptian Minister of Petroleum, H.E. Tarek El Molla, witnessed the signing of the mandate and commented: “The project comes in line with the ministry’s strategy to diversify financing sources of oil projects to reduce the need for hard currency and push forward economic development.”