Egypt’s Ministry of Environment, the International Company for Petroleum and Industrial Services (INCOM) and Okeanos signed a memorandum of understanding (MoU) to establish a joint venture called Okeanos Egypt to manufacture alternatives to plastics via using a Made from Stone technology.
Okeanos Egypt project aims to producing plastic based on limestone technology with an addition to a very small percentage of raw plastic, a technology that is able to reduce single-use plastics and CO2 emissions, the Egyptian cabinet announced in a statement.
Okeanos Egypt’s factory will be established in the 10th of Ramadan city.
“The introduction of the Made from Stone technology to the Middle East region will significantly reduce the use of plastics and CO2 emissions. The project will create many promising job opportunities in the Egyptian market, through an ambitious investment plan over three years with US$ 50 million,” Amr Sheta, CEO of the INCOM, said.
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