Sidi Kerir Petrochemicals Company (SIDPEC) has signed a contract to acquire a land lot from Alex Fiber, according to Mosaad El Kasaby, SIDPEC Chairman and CEO.

The land will be used in building an expansion project in Alexandria for producing propylene and polypropylene with investments of $1.2 billion and a production capacity of 450,000 tons per year, as per a company statement.

El Kasaby praised the Minister of Petroleum Tarek El-Molla and the Egyptian Holding Company for Petrochemicals (ECHEM) for supporting the project to accelerate its implementation as scheduled.

The Governor of Alexandria, Abdul Aziz Qansua, recently revealed that the government is considering a project to establish a petrochemicals complex in Alexandria, with around $5 billion in investments, beside a current $1.5-billion factory, bringing total investments to $6.5 billion.