Egyptian Styrene and Polystyrene Production Company- E-Styrenics signed Friday an agreement with the UK-based New Perspektive Ltd company for the supply of styrene material for industrial purposes.
According to the agreement, the British firm is to supply Egypt with 100,000 tonnes of styrene material to produce polystyrene for only non-renewable year.
The contract was signed by chairman of E-Styrenics Saad Helal and New Perspektive’s Head Irfan Waheed in the attendance of Petroleum Minister Tarek El-Molla, Mohammad Saafan -chairman of the Egyptian Petrochemicals Holding Company (ECHEM).
El-Molla stated that the agreement targets re-operating petrochemicals factory in Alexandria for producing polystyrene in order to cover the needs of local market and exporting the surplus.
On other side, Saafan added that ECHEM has produced more than 180,000 tonnes since inception, participating in meeting needs of local market in addition to exporting the surplus to 23 countries in Europe, Asia, and America.
About the deal, Saafan clarified that the agreement will enable the company to avoid the unstable prices of styrene material. Accordingly, it will be able to pay direct and indirect expenses of operation, secure its assets, equipments and basic structure in addition to keeping the existence of the firm in local and global markets.
Moreover, chairman Saafan noted that ECHEM has followed a number of procedures that participated in lowering expenses by 12 percent.
