During the recently concluded General Assembly of Sidi Kerir Petrochemicals Company (SIDPEC), Engineer Karim Badawi, Minister of Petroleum and Mineral Resources, highlighted the company’s promising opportunities amidst evolving global trade dynamics. Sidpec, a cornerstone in Egypt’s petrochemical sector, continues to support industrial growth and generate hard currency, underpinning the national economy.
Minister Badawi emphasized the Ministry’s commitment to fostering SIDPEC’s expansion plans and optimizing its infrastructure to enhance production and export capabilities. He praised SIDPEC’s community initiatives, underscoring their positive impact on citizens and the local economy.
Engineer Mohamed Ibrahim, Chairman of SIDPEC, reported a commendable financial performance for 2024, achieving net profits of EGP 2.539 billion—a 3% increase from 2023. This success is attributed to strategic maneuvers to counter global economic challenges, including fluctuations in prices and demand.
SIDPEC’s production highlights include 228,000 tons of ethylene and substantial contributions to the Egyptian market with various polymers. Notably, 60% of polyethylene production was earmarked for export, bolstering dollar revenues.
In a bid to secure operational stability and future growth, SIDPEC launched the “Alexandria Supply Chain Company” and a sodium cyanide project in collaboration with Draskem. The new Co-Production of Power and Steam (CHP) project aims to raise energy efficiency and reduce emissions, reinforcing SIDPEC’s commitment to sustainable development.
SIDPEC’s dedication to quality and sustainability is exemplified by its ISO certifications, including ISO 9001:2015 and ISO 50001:2019. Collaborations with global organizations like UNIDO further emphasize Sidpec’s role in enhancing energy efficiency and reducing its carbon footprint.
Safety and environmental stewardship remain priorities, with SIDPEC achieving 13.8 million safe working hours in 2024. The company continues its proactive approach to waste recycling and health management systems.
Education and health remain at the forefront of Sidpec’s social responsibility initiatives. The Sidpec School of Applied Technology and various healthcare projects in Alexandria testify to the company’s commitment to community development.
In alignment with Egypt’s digital transformation goals, SIDPEC has integrated advanced technologies such as automation and digital twins into its operations, which are pivotal for future-ready industrial processes.
The General Assembly approved a cash coupon distribution of one pound per share and the issuance of free shares, reflecting Sidpec’s ongoing commitment to shareholder value.
The assembly, attended by key industry leaders and stakeholders, reaffirmed SIDPEC’s strategic path towards sustained growth. Engineer Mohamed Ibrahim lauded the tireless efforts of SIDPEC’s workforce, crediting them as the true heroes of the company’s achievements.
With these strategic initiatives and strong financial performance, SIDPEC is well-positioned to navigate future challenges and continue its trajectory of success within the global petrochemical industry.
