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Egyptian Firms Plan Ethylene Venture
10:26 AM MDT | April 1, 2011 | Ian Young
Sidi Kerir Petrochemicals (Sidpec; Alexandria, Egypt) and two state-owned Egyptian companies are jointly planning an investment of E£7 billion ($1.2 billion) to build an ethylene plant in Egypt. Sidpec confirmed in a regulatory filing this week that the company has a license to build a plant with capacity to produce 460,000 m.t./year of ethylene, and that it would own 20% of the planned joint venture. Egypt's oil ministry, meanwhile, has confirmed that at least five Egyptian banks would jointly finance the project, which would be completed in three years...
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