South Asian Petrochem enters into MOU with Echem

South Asian Petrochem Ltd has announced that the Company has on December 25, 2006 entered into a Memorandum of Understanding (MOU) with Egyptian Petrochemicals Holding Company (Echem) for jointly selling up of a 315000 TPA Polyethylene Terepthalate (PET) resin manufacturing plant in Egypt with an estimated outlay of US$ 95 Million. For the purpose of the project a subsidiary of the Company shall be incorporated in Egypt, with equity participation from Echem.

Source : Equity Bulls

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