The Prime Minister witnesses the signing of a memorandum of understanding to establish a project to manufacture alternatives to plastics

$ 50 million investment in the project and the improvement of Egypt’s transformation into a sustainable green economy

Prime Minister Dr. Mostafa Madbouly today witnessed the signing ceremony of a memorandum of understanding between the Ministry of Environment, the International Company for Petroleum and Industrial Services “INCOM” and the “Okyanos International” company; on the establishment of a general framework for the organization of joint co-operation; To set up a joint venture called “Ocean Egypt” to manufacture alternatives to plastics using “Made From Stone” technology, in the presence of Nicole Champagne, the Chargé d’Affairs of the US Ambassador to Cairo.

The MoU was signed by dr. Yasmine Fouad, Environment Minister, Amr Sheta, Encom Executive Partner, and Martina Hauser, Government Relations Officer at Okeanos International.

According to the memorandum of understanding, the “Okeanos Egypt” project will be established to provide “Made From Stone” technology, whereby plastic alternatives can be manufactured from calcium carbonate (limestone) in addition to a very small percentage of raw plastic (polypropylene) or polyethylene ), a technology capable of meeting single-use plastics and potentially exceeding and reducing emissions.

After the signing, dr. Yasmine Fouad stressed the importance of the Memorandum of Understanding, which comes in implementing the prescriptions of President Abdel Fattah El-Sisi, the President of the Republic. To pave the way for the private sector, and within the framework of Egypt’s presentation of the COP27 climate conference and the completion of the national climate change strategy, as well as the opening of new investment horizons through the field of waste and plastic alternatives.

She added that this project is the first to implement and activate the positive investment incentives by the Prime Minister’s decision, through the company’s establishment of a plant for plastic substitutes of calcium carbonate (limestone), in addition to a very small percentage of plastic . raw materials (polypropylene or polyethylene) in the tenth of Ramadan and offer alternative solutions for plastics.

The Minister of Environment explained that the memorandum of understanding also contributes to the achievement of Egypt’s future vision 2030, which reflects Egypt’s long-term strategic plan to conserve the environment in partnership with leading economic entities and development partners in the field of green projects around the to promote green. and blue economy, which is in line with Egypt’s presentation of COP27 in the period from 7 to 18 November 2022.

The Minister of the Environment said that “Incom” has long experience in the field of establishing civil and industrial infrastructure projects through its crucial role in forming multinational alliances of large international companies specializing in the implementation, management and operation of national projects, which through its technical capabilities qualified it to follow up on the implementation of these global projects.Incom has partnered with Okeanos International, a US-based sustainable technology provider, to establish a joint venture, Okeanos Egypt, to Made From Stone technology to provide.

The Minister of Environment indicated that under the Memorandum of Cooperation, effective and gradual measures at local, regional and global levels will be strengthened to increase the importance of reducing the use of plastics in Egyptian society by benefiting from the company’s global expertise, such as the companies “Incom” and “Okeanos” intends to work to raise awareness about Reducing carbon dioxide and plastic pollution by providing technologies capable of meeting the use of disposable plastics and possibly exceeding and reducing emissions, emphasizing that the project in Egypt represents an opportunity for the country to take the lead in adopting truly sustainable solutions for plastic pollution.

Amr Sheta, Executive Partner of Encom International, said: “Our new joint venture, Okeanos Egypt, is the perfect match in the portfolio of the two companies, Okeanos of America and Encom of Egypt.

He added that the launch of the innovative Made From Stone technology in the Middle East would significantly reduce the use of plastics and carbon dioxide emissions, and explained that the project would create many promising jobs in the Egyptian market, through an ambitious investment plan on the next three years, worth $ 50 million. .

Sheta added that the project would reduce imports of some plastic materials, which would improve Egypt’s transformation into a sustainable green economy.

Florencio Quetara, CEO of Okeanos International, pointed out that the Okeanos Egypt project is proof that Made From Stone technology is a viable, scalable and cost-effective solution, and through the continued support of the Egyptian government, this will project a beacon of fruitful collaboration A pioneer in the Middle East, an example that can be set today by leading brands and governments around the world.

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