Cairo – Mubasher: The US Trade and Development Agency (USTDA) has signed a grant agreement worth $690,000 with the Egyptian Petrochemicals Holding Company (ECHEM).

The grant will be used to finance a detailed feasibility study of a polyacetal production facility, the first of its kind in Egypt and Africa, according to a statement on Tuesday.

At an investment cost of $400 million, the facility will have an annual output capacity of about 50,000 tonnes, using locally-manufactured methanol as a feedstock from Methanex Egypt in Damietta.