ALKHOBAR, 19 September 2003 — The Arab Petroleum Investment Corporation Wednesday signed a joint venture agreement in Egypt with Sidi Kerir Petrochemical Company, Alexandria Carbon Black Company, the Egyptian Petrochemical Holding Company, the Saudi-Egyptian Industrial Investments Company and Aditya Birla Group of India.
According to Alkhobar-based APICORP, the agreement aims at the formation of the Alexandria Acrylic Fibers Company, which will establish and operate an acrylic fibers plant in Al-Amriyah near the city of Alexandria in Egypt, for the production of acrylic fibers used in the manufacturing of cloth, carpet and other consumer goods. The project cost is estimated at approximately $70 million.