Minister of Petroleum and Mineral Resources Tarek El Molla witnessed the signing of a memorandum of understanding (MoU) between the United Gas Derivatives Company (UGDC) and the Indian chemical company TCI Sanmar.

The signed MoU aims for cooperation between the two sides, as UGDC will use its world-class facilities in Damietta Port to facilitate the safe import of raw materials necessary for the development projects and expansion plans of TCI Sanmar.

The MoU was signed by Refaat Farag, UGDC’s Chairman, and PS Jayaraman, Chairman of the Board of Directors of TCI Sanmar.

Following the signing, El Molla highlighted the importance of this cooperation with the Indian company, as Egypt places the petrochemical industry among the priorities of its strategy.

El Molla stated that the influx of investments by international companies into the Egyptian oil and gas sector proves that Egypt is a reliable partner, stressing that the country is working to overcome the challenges facing investments.

For his part, Jayaraman said that the MoU signed with UGDC embodies his firm’s commitment, as the largest Indian investor in Egypt, to contribute to Egypt’s economic growth by exerting every effort to contribute to enriching the petrochemical industry in the country.