Sidi Kerir Petrochemicals (Sidpec)’s board of directors decided to self-finance 30% of the company’s propylene and polypropylene factory through a rights issue, and to secure the remaining 70% via loans from Egyptian banks, the company said in a statement to the Egyptian Exchange (EGX).

The company’s management noted that it will take the necessary procedures to negotiate with financing institutions to obtain loans with the best possible terms and conditions to decrease equities’ share in the financing.

Sidpec had earlier obtained a license from W.R. Grace & Co. to use its UNIPOL PP Process Technology, Egypt Oil & Gas previously reported.

Sidpec will use the technology in its 450 kilotons-per-annum (kTA) facility to produce polypropylene products.