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Cairo – Mubasher: Sidi Kerir Petrochemicals Company (Sidpec) signed the final contract to purchase Alexandria Fiber Company’s land plot to expand its new propylene and polypropylene plant at an investment cost of around $1.2 billion and with a production capacity of 450,000 tonnes per year.
The value of the land plot wasn’t disclosed.
The expansion comes along with the petroleum ministry’s plan to ramp up the petrochemicals industry and increase output in a bid to meet the domestic market needs and boost exports to prop up dollar revenues and bolster the added-value of oil and gas resources, according to the ministry’s statement late on Monday.
The contract was signed by Mosaad Al Kasaby, the chairman of Sidpec, and Abdallah Al Adli, the legal liquidator of Alexandria Fiber Company.
In the first quarter of 2019, Sidpec reported a 31.8% year-on-year profit decline to EGP 193 million, against EGP 283 million.
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