Sidpec's AGM for 2023: A Year of Concrete Accomplishments and Unprecedented Outcomes


Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources, affirmed that the Egyptian petrochemical industry, with its available capabilities, entities, and experiences, still has many opportunities to maximize its role and achieve more successes. Therefore, updating the National Petrochemical Plan until 2040 will contribute more to meeting market requirements and its needs for petrochemical products and exporting surplus. During the meeting of Sidi Kerir Petrochemicals Company (Sidpec) to approve its 2023 business results, Eng. El Molla emphasized the vital economic and industrial role that Sidpec offers within the system of providing petrochemical products, as well as its clear commitment to implementing safety and environmental standards and working on continuous improvement of its business systems and refining the expertise of its staff, which positively reflects on increasing production. He also highlighted its outstanding participation in developmental programs and the development of surrounding communities. He explained that the upcoming period will witness a greater availability of production inputs amidst the expansions being undertaken in the Western Desert Gas Complex, and an increase in integration between companies (ECHEM, EGAS, EGPC) to achieve production increase goals, commending the performance and role of employees in achieving outstanding business results. Eng. Mohamed Ibrahim, the company's president, reviewed the most important business results, stating that it's another year of achievements in the company's journey, and thanks to the continuous support it receives from the Ministry of Petroleum and Mineral Resources and the Egyptian Holding Company for Petrochemicals, it managed to achieve the production plan by 105% and achieve 106% of the marketing and sales plan target. It succeeded in producing and supplying ethylene by a quantity of 259 thousand tons necessary to achieve the targeted production plan for polyethylene production and cover the needs of the Egyptian Petrochemicals Company, in addition to producing polyethylene by a quantity of 210 thousand tons, along with producing untreated butane gas by a quantity of 38 thousand tons according to the available feed gas quantities and specifications. Furthermore, it produced high-octane naphtha by a quantity of 6.6 thousand tons as a secondary product. Additionally, it contributed by 7.5% to the capital of the Egyptian Ethanol Company, besides signing a partnership agreement with the Nigerian RanGas company to establish a factory for producing butane gas cylinders in Egypt with a production capacity of one million cylinders annually for export, with the possibility of future expansion and distribution in the local market. He elaborated on its commitment to carrying out regular maintenance, updating systems and production units, maximizing production operations, caring for human capital, and using necessary technologies for continuous monitoring of performance indicators and providing a safe working environment through strict application of best practices in safety, occupational health, and process safety. It successfully passed external audits by the donor company for Occupational Health and Safety Management Systems and Environmental Protection, reaching a safe operating hours count of 11.891 million work hours. The company has maintained a clean and safe working environment since its establishment. Also, the success of its quality, energy, and knowledge management systems and the implementation of a project to support communication among peers to enhance energy efficiency in the petrochemical and plastic industry through collaboration in the application of energy management systems and improvement of engine, pump, and air compressor systems, as well as thermal energy efficiency applications in industrial processes in cooperation with the United Nations Industrial Development Organization (UNIDO). It also successfully passed external audits for the quality and energy management system according to standard specifications. The budget was approved by the General Assembly, with a dividend distribution of EGP 1.25 per share in two installments and one free share for every 5 shares held.

Photo Gallery