Sidi Kerir Petrochemicals Co “Sidpec” Chariman Ahmed Helmy, said that five local banks offered to finance the 200 thousand tons capacity per year ethylene production project, with $ 600 million investments.

Helmy told Al-Mal newspaper that the five banks are National Bank of Egypt (NBE), Banque Misr, Arab African International, United Bank, and Commercial International.

He added that the partnership project with United Gas Derivatives Company in  alliance with the two companies of Italy’s ENI and British Petroleum (BP) entered the phase of providing preliminary information which will take three months before commissioning an international advisory office to conduct the final feasibility study.

He stated that a 50 acres land on which soil studies were conducted, has been received, confirming that negotiations with the lending banks has been put off until the feasibility study is over.

The company has recently received the certificate of the United Nations Industrial Development “UNIDO” after gaining ISO 50000 certificate.

Source: Al Mal