Sidi Kerir Petrochemical Company (SIDPEC)’s Chairman Mohamed Ibrahim said that the company is currently studying the project of establishing a new plant to produce polylactic acid as a strategic and environmental alternative to polymers and plastic raw materials to reduce dependence on petrochemicals to comply with environmental laws and requirements.
The announcement came during the general assembly to approve the results of the company’s business.
SIDPEC has started taking measures to partner with the Nigerian company Rangas to cooperate in the establishment of a petrochemical production complex in Nigeria, and the agreement was signed on the sidelines of the EGYPS 2022 conference, Ibrahim added.
Meanwhile, SIDPEC’s Ordinary General Assembly approved the distribution of free shares at the rate of one share for every 5 shares, equivalent to EGP 252 million.
Ibrahim explained that the company was able, despite the challenges and the repercussions of the global pandemic to achieve the production plan by 108% and achieve 98% of the target for the marketing plan.