Eng.Tarek El Molla, Minister of Petroleum and Mineral Resources, confirmed that the Egyptian Petrochemical industry, with its available capabilities, entities and expertise, still has many opportunities to maximize its role and achieve more successes, therefore, updating the national petrochemical plan until 2040 will contribute more to meeting the market’s requirements and needs for petrochemical products, as well as, developing exports for the surplus.
During the meeting of the Sidi Kerir Petrochemical Company (SIDPEC) to approve the results of business for the year 2023, El-Mulla pointed out the importance of the vital economic and industrial role that SIDPEC provides within the system of providing petrochemical products, as well as its clear commitment to applying safety and environmental compatibility standards and working on the continuous development of its business systems development and refining the expertise of its staff, which is reflected Positively in increasing production.
El-Mulla said that the coming period will witness a greater provision of production inputs in light of the expansions being developed in the Western Desert Gas Complex, and increased integration between companies (EKEM, EGAS, and GASCO) to achieve the goals of increasing production, praising the performance of workers and their role in achieving outstanding business results.
Eng. Mohamed Ibrahim, SIDPEC Chairman, reviewed the most important business results, as the company was able to achieve the production plan by 105% and achieve 106% of the target for the marketing and sales plan. The company succeeded in producing and providing ethylene in the amount of 259 thousand tons necessary to achieve the targeted production plan for the production of polyethylene and covering the needs of the Egyptian Petrochemical Company and the production of polyethylene in the amount of 210 thousand tons in addition to the production of untreated butane in the amount of 38 thousand tons according to the quantities and specifications of the available feed gases, in addition to the production of High-octane naphtha in the amount of 6.6 thousand tons as a by-product, in addition to its contribution of 7.5% to the capital of the Egyptian Bioethanol Company, in addition to signing a partnership agreement with the Nigerian Ran Gas Company to establish a factory to produce butane gas cylinders in Egypt with a production capacity of one million cylinders annually for the purpose of exporting abroad with Possibility of future expansion and distribution within the local market.
Ibrahim explained the company’s commitment to conducting periodic maintenance, updating production systems and units, maximizing production processes, paying attention to human capital, and using the necessary technologies for continuous monitoring of performance indicators and providing a safe work environment through strict application of the best practices in occupational health and Safety protocols.
Finally, The General Assembly approved the budget, distributing an amount of EGP.1.25 as a profit per share, and distributing one free share for every 5 shares. It is to be noted that SIDPEC logged net profits after tax amounting to EGP 2.45 billion in 2023 at an annual leap of 98.63% from EGP 1.23 billion.
