State-owned Egyptian Petrochemicals Holding Company (ECHEM)and Canada's Methanex Corporation on 16 November announced that their newly-formed joint venture (JV) company Egyptian Methanex Methanol Company (EMethanex)held its first formal shareholder and board meetings in Cairo.
The JV is set to produce 1.3 million tonnes a year of methanol from a greenfield plant to be located in Damietta port. Methanex is expected to take a stake of 60-76 per cent in the project, with ECHEM holding the remainder. The Canadian firm has agreed to offtake 100 per cent of the methanol output. An agreement with Egyptian Natural Gas Holding Company (EGAS) to provide gas feedstock for the plant has been concluded. Davy Process Technology, part of Oslo-based Aker Kvaerner, is carrying out the front-end engineering and design (FEED) contract on the scheme. Davy and the UK's Johnson Mattheywill provide combined reforming technology (MEED 1:4:05).
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