Egypt’s two key polyethylene (PE) producers, Sidi Kerir Petrochemicals Company (Sidpec) and Egyptian Ethylene & Derivates Company (Ethydco) could be combining their operations. Speaking to local media on 10 October, Sidpec chairman Mohamed Ibrahim said that his firm wants to take control of Ethydco via a share swap deal.
Though Sidpec is nominally the smaller firm with 300,000 t/y of ethylene output capacity versus 460,000 t/y for Ethydco, Sidpec already owns 20% of Ethydco. Other mutual shareholders include Egyptian state petchems holding firm Echem, state investment bank NIB and state investment holding company Al Ahly Capital (see chart). Ethydco’s facilities are also considerably more modern having started-up in 2016. (CONTINUED - 531 WORDS)