During the general assembly, Mohamed Ibrahim, the Chairman of Sidi Kerir Petrochemicals Company (SIDPEC), presented a proposal to increase the company’s capital by EGP 301.4 million, from EGP 1.512 billion to EGP 1.8144 billion.

The increase will be financed from the profits of the company achieved during the fiscal year (FY) 2023.

At the end of the meeting, Ibrahim thanked the Minister of Petroleum and Mineral Resources Karim Badawi for his continues support to the employees of the company and thanked all the workers for their performance .

It is worth noting that Sidpec achieved profits of EGP 1.225 billion during the period from January to June 2024, compared to EGP 1.209 billion during the same period last year. 

It also contributed to the establishment of Alexandria Supply Chain Company, which aims to create a permanent marine facilities station at Dekheila Port in Alexandria. This station will secure the current and future raw material needs of petrochemical companies operating in Alexandria, as well as support the requirements of projects under consideration as part of the national plan for the petrochemical industry.