The Egyptian Ethylene and Derivatives Company (ETHYDCO) has fully met its production target for 2024, leading to a rise in domestic sales as well as increasing its export destinations to 35 international markets, particularly Europe (the company’s main export market) and Turkey, in addition to Latin America, where export volumes increased by 130%, according to its Chairman, Hesham Riyad.

The company also focused on growth in African markets and worked on maximizing the value of its by-products, marketing them both locally and internationally.

This announcement was made during the company’s General Assembly meeting, chaired by Karim Badawi, Minister of Petroleum and Mineral Resources, to approve the 2024 fiscal year (FY) results.

Badawi emphasized the importance of petrochemical products in citizens’ everyday life as it is involved in several industrial products and applications. He further noted that petrochemical sector plays a major role in the economy by boosting exports, substituting imports, and providing production inputs for various industries.

ETHYDCO has produced 314,000 tons of ethylene and 320,000 tons of polyethene, generating sales worth approximately EGP 7.9 billion in the local market and $211 million in exports, Riyad noted, adding that local market sales increased by 8%.

The Minister directed the company to set out a clear medium-term plan and vision regarding production inputs from natural gas rich in derivatives, which is produced locally and represents the main feedstock for certain petrochemical projects.

He stressed the importance of innovation and technology in developing petrochemical products with high added value that enhance the company’s international competitiveness.

ETHYDCO is considered one of the largest petrochemical manufacturing complexes in Egypt, producing polyethene used in gas, water, and sewage pipes, as well as in packaging and wrapping industries, plastic containers, tanks, ropes, and medical supplies.

The company has developed a new polyethelene product for coating steel pipes to protect them from corrosion. As a result, it obtained SKZ Germany certification for its polyethylene products, enabling their use in water, gas, and sewage pipeline networks in national projects.

ETHYDCO is the first company to obtain an Environmental Product Declaration (EPD) and international certification for the carbon footprint of its medium-density polyethylene product.

Besides, it ranked seventh globally for its process safety systems according to an international assessment by Det Norske Veritas (DNV), one of the leading certification bodies. The company further plans to implement a 500 kilo Watt (KW) solar power plant.