Alexandria-based petrochemical giant Sidi Kerir Petrochemicals Company (Sidpec) has signed a Memorandum of Understanding (MoU) with Nigeria’s Rungas Group to assist in building a petrochemical complex in Africa’s most populated nation.
Per the deal, reports say, Sidpec will provide its experience and will be a partner in the new complex and will provide technical support through all phases of the project.
Established in 1997 and listed on EGX in 2005, Sidpec operates within the materials sector focusing on commodity chemicals. It has subsidiaries operating across Egypt, working on textiles and oil and gas refining.
The company in January posted 1,957.69% year-on-year (YoY) hike in net profit after tax for the year 2021. Net profit after tax reached EGP 535 million (around $34 million) in 2021, compared to a profit of EGP 26 million in 2020.
The company’s revenue rose by 48.08% YoY to EGP 5.13 billion in 2021 from EGP 3.46 billion.
Egypt’s Sidpec to help build petrochemical complex in Nigeria
