Sidi Kerir Petrochemicals Company (SIDPEC) is contracting with a consortium that consists of several parties to import liquefied ethane gas (US shale gas), according to an EGX disclosure.

The deal is planned to be sealed after obtaining the approval of all the consortium partners in order to start taking the necessary steps to establish a company for the project during 2024.

The consortium includes the Egyptian Petrochemicals Holding Company (ECHEM) with a 15% share, SIDPEC with a 25% share, the Egyptian Ethylene and Derivatives Company (ETHYDCO) with a 25% share, the Egyptian Natural Gas Company (GASCO) with a 10% share, and GAMA Construction Company with a 25% share.

The $663 million capital is set to be divided into three levels, with 40% to be secured by contributors and 60% to be secured via bank loans.