Egypt's Sidi Kerir Petrochemicals Company "Sidpec" is targeting the production of 220,000 tonnes of polyethylene and 275,000 tonnes of ethylene according to Ashraf Bahaa eL-Din el-Bakly chairman and CEO of the company.
“About 60% of our production will be allocated for local market, while the remaining 40% will for destined for exports,” el-Bakly told local news paper Youm 7.
El-Bakly said that his company has completed the establishing the Egyptian Company for Ethylene and Derivatives in cooperation with the Holding Company for Petrochemicals and Egyptian Gas Company “GASCO” with a total investment of US$8bn. “We control 20% stack of the new company,” the CEO was quoted as saying.
The CEO said that the investments will be financed from 65 % loans and the remaining 35 % of finance, adding that Sidi Kerir’s stake will include ethylene plant’s license with 460.000 tonne amount to $8.9m as well as Butadiene unit with 20.000 tonne a year, in addition to lands purchased in the past few years.
Sidpec is a joint stock company and produces ethylene and polyethylene.