Egypt, Okeanos sign deal to manufacture plastics made from stones – Egypt Today

Egypt, Okeanos sign deal to manufacture plastics made from stones – Egypt Today

CAIRO – 16 May 2022: To reduce plastic and CO2 footprint, Egypt headed to take advantage of a new technology of producing plastics made from stones. The Egyptian Ministry of Environment, the International Company for Petroleum and Industrial Services “INCOM” and the “Okeanos International” company signed a memorandum of understanding (UoM) on Sunday to establish a joint venture called “Okeanos Egypt” to manufacture alternatives to plastics via using “Made from Stone” technology. As per the new deal, “Okeanos Egypt” project aims at producing plastic based on calcium-carbonate (limestone) technology with an addition to a very small percentage of raw plastic (polypropylene [PP] or polyethylene), a technology that is able to reduce single-use plastics and CO2 emissions, the Egyptian cabinet announced in a statement. The new MoU comes in light of attracting investments of the private sector for the green and blue economies within the framework of Egypt’s hosting of the COP27 climate conference due to convene in Sharm El Sheikh city, said Egyptian Minister of Environment Yasmine Fouad after the signature of the deal. The factory of the “Okeanos Egypt” will be established in the 10th of Ramadan city, the statement said. “The introduction of the Made from Stone technology