Cairo – Mubasher: Egyptian Petrochemicals Company has started implementing the first phase of a project to raise the annual output capacity of polyvinyl chloride (PVC) to 100,000 tonnes from 80,000. 

Studies are being conducted to implement the second phase which will double the capacity to 200,000 tonnes from 100,000 annually with an investment cost of $350 million, the company's Chairman, Mohamed Abdel Aziz, said in a statement on Monday. 

This came during the general assembly of Egyptian Petrochemicals Company held for the approval of the company's business results for fiscal year (FY) 2020/2021.

The company's sales of PVC and liquid caustic soda amounted to EGP 1.9 billion in FY20/21, an increase of 167% year-on-year (YoY).

The total value of exports reached $31 million as PVC and liquid caustic soda were exported to Italy, Portugal, Cyprus, Greece, Brazil, Turkey, Morocco, Syria, Libya, Jordan, Sudan, and Algeria. 

Total replacement, renovation, and development programmes and projects have an estimated cost of more than EGP 1 billion.