CAIRO – 24 April 2024: The Austrian Petrochemical Holding Company and the Czech Draslovka Company are planning to establish a joint project aimed at producing sodium cyanide within Egypt with $160M for the initial phase of the project.
The project entails the construction of a sodium cyanide factory in Egypt, primarily focusing on meeting local demand and exporting 80% of the production to markets in the Nile Basin, the Middle East, and Africa.
This came during Egypt's Minister of Trade and Industry, Ahmed Samir, meeting with representatives from the two companies. The investment delegation, led by the President of the Austrian Petrochemical Holding Company, Jakov Goldo Vski, and the CEO of the Czech Draslovka Company, Pavel Brojak, expressed their confidence in the Egyptian economy and its favorable investment climate.
Samir highlighted the potential of the Egyptian market for such a project, citing numerous incentives available for strategic investments, an abundance of raw materials, and a skilled labor force. Additionally, Egypt's network of free trade agreements with various countries and economic blocs would enable the project's products to enter multiple markets without incurring customs duties.
The production of sodium cyanide is of significant importance to several key industries, including mining, pharmaceuticals, and agricultural pesticides. Minister Samir emphasized that the venture would facilitate the transfer of advanced European expertise and technologies in chemical industries to Egypt, further enhancing the country's industrial capabilities. Moreover, the project would increase Egyptian exports, particularly to African markets, in line with the African Free Trade Agreement (AFCFTA).
The joint venture will position Egypt as a major exporter of sodium cyanide to diverse international markets. The project's implementation will leverage the expertise and technologies of European partners, further bolstering the country's industrial capabilities and contributing to its overall economic advancement.
The project entails the construction of a sodium cyanide factory in Egypt, primarily focusing on meeting local demand and exporting 80% of the production to markets in the Nile Basin, the Middle East, and Africa.
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