Sidpec, ECHEM and Ministry of Petroleum to build USD800mn-USD1bn polypropylene complex
Egyptian Ministry of Petroleum, ECHEM, and Sidpec are planning to establish a new polypropylene (PP) complex with an estimated total cost in the range of USD800mn to USD1bn. Osama Mahdy, Sidpec Chairman and Managing Director, mentioned that the plant would have an annual production capacity of 450k tonnes of PP and is expected to start production by 2021. He added that a part of the plant’s propane feedstock would be imported from Algeria and Russia. Finally, Mahdy mentioned that the company is finishing up the feasibility studies and required process to obtain the licence for the plant.
Sidi Kerir: EGP19.70 as of 19 Mar. 2017, Rating: Buy, TP: EGP25.00/share, MCap: USD571mn, SKPC EY/SKPC.CA
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