The Egyptian Ministry of Environment, the International Company for Petroleum and Industrial Services “INCOM” and the “Okeanos International” company signed a memorandum of understanding (UoM) on Sunday to establish a joint venture called “Okeanos Egypt” to manufacture alternatives to plastics via using “Made from Stone” technology.
As per the new deal, “Okeanos Egypt” project aims at producing plastic based on calcium-carbonate (limestone) technology with an addition to a very small percentage of raw plastic (polypropylene [PP] or polyethylene), a technology that is able to reduce single-use plastics and CO2 emissions, the Egyptian cabinet announced in a statement.
The new MoU comes in light of attracting investments of the private sector for the green and blue economies within the framework of Egypt’s hosting of the COP27 climate conference due to convene in Sharm El Sheikh city, said Egyptian Minister of Environment Yasmine Fouad after the signature of the deal.
The factory of the “Okeanos Egypt” will be established in the 10th of Ramadan city, the statement said.
“The introduction of the Made from Stone technology to the Middle East region will significantly reduce the use of plastics and CO2 emissions. The project will create many promising job opportunities in the Egyptian market, through an ambitious investment plan over three years with US$ 50 million,” said CEO of the INCOM Amr Sheta.
He added that the project would reduce imports of some plastic materials, and consequently will enhance Egypt's transformation towards a sustainable green economy.
Source: Egypt Today
