An agreement to recycle Polyethylene Terephthalate (PET) was sealed on 11 November in a contract between Nile Recycling Company, and the industrial developer Main Development Company (MDC). The recycling plant will be built in the integrated industrial zone in Sokhna, part of the Suez Canal Economic Zone (SCZone).
With an initial investment of USD20 million, the project will spread over an area of 12,000 sq.m, and is expected to start production during the first half of 2025, with a targeted recycling capacity of 22,000 tons annually. The project should create 500 job opportunities, and is expected to contribute to reducing carbon emissions at a rate of 40,000 tons annually.
The recycled plastic will be used in the manufacture of packaging, including plastic bottles and food containers; surplus production shall be exported.
The contract was signed by Major General Walid Youssef, Managing Director of MDC; Shady Magdy, Chairman of the Executive Board of Directors of Nile Recycling Company; and Mohamed al-Saadani, CEO of Nile Company.
Waleid Gamal El-Dein, Chairman of SCZone attended the signing ceremony. He explained that SCZone has walked major steps in the transition towards a green economy. He pointed to the various investment opportunities in the green fuel sector and its complementary industries including products that rely on green fuel in the manufacturing process, in addition to the vital activity of supplying ships with green fuel.
The Nile Recycling Company project comes in line with SCZone’s strategy to enhance sustainability and support green economy through recycling; it contributes to reducing plastic waste, and enhances the reuse of resources through recycling.
Watani International
12 November 2024
