TCI Sanmar, the Egyptian arm of the Indian Sanmar Petrochemicals Group, plans to increase its investments in Egypt to USD 1.5 bn, Invest-Gate reports.

The company’s current investments in Egypt are estimated at USD 1.2 bn. “The company is one of the biggest producers of petrochemicals in the Middle East, as it exports 50% of its production in Egypt abroad,”Chairman TC Jayaraman adds, “we are working hard to meet local demand and increase our export capacity as well.”

The statement comes during a meeting between Minister of Investment and International Cooperation Sahar Nasr and Jayaraman, during which they discussed boosting the company’s investments in the country.