The source said that the move comes as the previous offer had exceeded the budget. They added that decisions with regards to future capital requirements, including the need for a capital increase, would only be known upon finalisation of a contractor for the propylene plant.
Latest in Tag: SIDPEC Highlight
Latest in Tag: SIDPEC
Honeywell Process Solutions (HPS) announced, on Tuesday, that its technology has been selected by Sidi Kerir Petrochemicals Company (SIDPEC) in the upgrade of the latter’s production capabilities at its Alexandria petrochemical complex. SIDPEC’s facilities in Egypt’s second city and largest port produces ethylene and polyethylene for the Egyptian market. In a press statement, Honeywell said …
Sidi Kerir Petrochemicals Company (Sidpec) is looking to import different grades of polymers for local use. Sidpec’s Board of Directors has called for an Extraordinary General Assembly on 28 January to amend Article 3 of the company’s bylaws. The new amendment is expected to enable the company to import different grades of polymers. The company …
The company noted that the price reduction is also likely to have positive knock-on effects for its associate company, ETHYDCO, which is 20% owned by SIDPEC. ETHYDCO’s profits are expected to have been booked during the quarter.
The bottom-line recorded a loss of EGP 31m in 1Q 2020, compared to a loss of EGP 33m in 4Q 2019.
The company’s sales, including high density polyethylene/HDPE, are expected to jump in February and March.
Midor expansion project will achieve 60% increase in production capacity, says ElKareish