Minister of Petroleum and Mineral Resources Tarek El Molla chaired the general assembly meeting of the Sidi Kerir Petrochemicals Company (Sidpec) to approve the results of its work for the year 2023.

Sidpec’s Chairman and CEO Mohamed Ibrahim reviewed the most important business results explaining that it is a new year of achievements in the company’s journey and that it was able to achieve the production plan by 105% and achieve 106% of the target for the marketing and sales plan.

The company succeeded in producing and providing ethylene in the amount of 259,000 tons necessary to achieve the targeted production plan for the production of polyethylene and covering the needs of the Egyptian Petrochemical Company and the production of polyethylene in the amount of 210,000 tons. Moreover, the company produced untreated butane in the amount of 38,000 tons according to the quantities and specifications of the available feed gases, in addition to producing high-octane naphtha in an amount of 6,600 tons as a by-product.

The minister highlighted the importance of the vital economic and industrial role that Sidpec plays within the system of providing petrochemical products, as well as its clear commitment to applying safety and environmental compatibility standards working on the continuous development of its business systems and refining the expertise of its staff, which is positively reflected in increasing production.

The assembly approved the budget, distributed an amount of EGP 1.25 as a profit for each share, and distributed one free share for every 5 shares.

On this occasion, El Molla confirmed that the Egyptian petrochemical industry, with its available capabilities, entities, and expertise, still has many opportunities to maximize its role and achieve more success. Therefore, updating the national petrochemical plan until 2040 will contribute more to meeting the market’s requirements and needs for petrochemical products and exporting the surplus.