EuP Egypt petrochemicals factory opened Sadat industrial city, some 90km northwest Cairo, on 15 January by Hossam Heiba, CEO of the General Authority for Investment and Free Zones.
Attending the opening were Hoàng Quốc Huy, Chairman of the Board of Directors of EuP, Nguyễn Huy Dũng, Ambassador of Vietnam in Egypt, and al-Moataz Bahaa Eddine, CEO of CBC Company, the developer responsible for the industrial complex in Sadat City.
EuP is a Vietnamese Group, formerly known as European Plastic Joint Stock Company; it was founded in 2007 and specialised in producing plastic materials. Ten years later, EuP has become among the World’s top five largest filler masterbatch manufacturers.
EuP Egypt Industries is a subsidiary of EuP, and was established in 2022. EuP Egypt has an ambition to expand markets and become a multinational company.
At an investment worth USD30 million during its first phase, the Sadat City factory should produce filler masterbatch, used in the manufacture of plastic pipes, bags and other plastic products. The factory spreads over an area of some 34,000sq.m. It is designed to have 24 production lines with a total annual production capacity of 300,000 tons, thus catering for the local market and exporting surplus production The project should create some 300 job opportunities for local workers.
According to Mr Heiba, EuP Egypt is the first factory with 100 per cent Vietnamese investments to be established in Egypt. This opens the door to the flow of Vietnamese investments into the Egyptian market, Mr Heiba remarked.
EuP CEO, Mr Huy said the EuP Egypt factory is an important step in the company’s expansion strategy, pointing out that it is a symbol of cooperation and development between Vietnam and Egypt. He said the Egypt factory is an extension to the eight EuP factories in Vietnam, which have a production capacity of 600,000 tons per year, and turn in an annual income of USD250 million. Mr Huy said EuP will seek to transfer its technological expertise and know-how to the Egyptian market, to maximise the company’s productivity and contribute to achieving sustainable development.
Watani International
22 January 2024
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