Egyptian Indian Polyester Company - Sokhna

completed

South Asian Petrochem Limited (“SAPL” or the “Sponsor”), India’s second largest manufacturer of Polyethylene Terephthalate (“PET”), and Egyptian Petrochemical Holding Company (“Echem”), an agency of the Government of Egypt, have set up a joint venture (“JV”) to establish a 420,000 tpa greenfield PET resin plant in the Eldorado Integrated Development and Free Zone S.A.E. which is at Sector 2 of the Southern Region of the Economic and Industrial Zone, North West of the Suez Gulf at Ain Sokhna on Egypt’s Red Sea coast (the “Project”). SAPL will hold a 70% share in the JV Egyptian Indian Polyester Company (“EIPET” or the “Company”), Echem will hold 23%, and Engineering for the Petroleum & Process Industries (“Enppi”), another Government of Egypt agency, will hold the balance (7%). The Project has an estimated cost of approximately $160 million. PET, which is produced from mono ethylene glycol (MEG) and terephthalic acid (PTA), is sold in small pellets and its major use is for the manufacture of lightweight plastic bottles for carbonated soft drinks and water.