Minister of Petroleum and Mineral Resources Tarek El Molla has witnessed the general assembly meeting of the Egyptian Ethylene and Derivatives Company (ETHYDCO).

The meeting witnessed a review of the company’s business results during the year 2023, economic and productivity indicators, and performance development plans.

During the meeting, the Minister and the audience heard a presentation from Hesham Riyad, CEO of ETHYDCO, in which he explained that it had achieved its production plan by 109% of the target.

The company succeeded in producing 333,000 tons of polyethylene for the local market and export, achieving polyethylene sales worth EGP 5.7 billion and $214 million, as well as producing 326,000 tons of ethylene, and the percentage of revenue increase reached 34%.

Additionally, new markets were opened to export the company’s products to Ghana, Nigeria, Niger, Sweden and Russia.

Riyad stated that within the framework of the Ministry of Petroleum and Mineral Resources’ strategy to achieve sustainability, ETHYDCO succeeded in early 2024 in exporting the first shipment of recycled polyethylene to Spain, thus applying the strategy of recycling incomplete products to produce a final product of high value.

The meeting further reviewed ETHYDCO’s efforts in the field of corporate social responsibility (CSR) and its role in implementing initiatives in the fields of education, health, human care, and improving living conditions.