Egyptian companies to invest US$1.18 bln in ethylene venture

Sidi Kerir Petrochemicals Co. and two Egyptian government companies plan to invest 7 billion Egyptian pounds (US$1.18 bln) in an ethylene venture. Sidi Kerir has a license to build a plant with capacity to produce 460,000 tpa of ethylene, will hold a 20% stake in the new company. The project, scheduled for completion in three years, will be financed by local banks, including National Bank of Egypt, Banque Misr SAE, Commercial International Bank SAE, National Societe Generale Bank SAE, and Arab African Bank, the oil ministry said on its website.
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