Engineer Karim Badawi, Minister of Petroleum and Mineral Resources, affirmed during the Ordinary General Assembly of Sidi Kerir Petrochemicals Company (SIDPEC) convened to approve the results for the 2024 financial year, that the company holds promising opportunities to achieve further success and increase revenues, particularly in light of current global commercial developments. The Minister emphasized that SIDPEC is a leading industrial petroleum entity that plays a vital role in enhancing value-added production, boosting exports, and generating foreign currency revenues — all of which have a positive impact on the national economy. He added that the Ministry is keen to support the company’s achievements, encourage its expansion plans, and maximize the optimal use of existing infrastructure and available assets. The Minister further explained that SIDPEC plays a pivotal role in localizing domestic industry by providing essential petrochemical raw materials to various industrial sectors, thereby reducing reliance on imports and lowering the import bill — in alignment with the state’s ambitious plans to support the industrial sector. He also praised SIDPEC’s successful community engagement initiatives, highlighting the importance of continuing these efforts given their tangible positive impact on the local community. The Minister extended his thanks to employees across the petrochemical sector in general, and to SIDPEC’s staff and management in particular, for their efforts and positive outcomes, stressing that human capital remains the sector’s true asset. During his presentation on SIDPEC’s major achievements in 2024 and forthcoming projects, Eng. Mohamed Ibrahim, Chairman of SIDPEC, confirmed that the company had successfully continued its distinguished journey throughout 2024, despite global economic and geopolitical challenges. He noted that the company maintained a strong financial position, thanks to a clear strategy implemented by the Ministry of Petroleum and Mineral Resources, aimed at maximizing value from petrochemical projects — in line with the second pillar of the Ministry’s integrated strategy — as well as continuous support and oversight from the Egyptian Petrochemicals Holding Company. The Chairman explained that SIDPEC had been able to overcome challenges with flexibility and efficiency, successfully navigating fluctuations in global prices, changes in domestic and international demand, and supply chain complexities. Regarding production performance, Eng. Mohamed Ibrahim reported that SIDPEC produced 228,000 tons of ethylene, including 33,000 tons supplied to the Egyptian Petrochemicals Company’s plants. The company also produced 38,000 tons of untreated LPG and 4,000 tons of high-octane naphtha. With respect to polyethylene — the company’s primary final product — total production reached 185,000 tons, of which nearly 60% was exported to generate foreign currency revenues, while 80,000 tons were sold on the domestic market. Furthermore, SIDPEC’s commercial activities contributed to the sale of 28,000 tons of various polymers to meet local market needs. The company’s net profit reached EGP 2.539 billion, reflecting a growth of 3% compared to 2023 — a strong indication of robust financial performance and sustainable growth despite prevailing challenges. As part of its strategy to strengthen its leadership position, SIDPEC launched several major projects. These included the Ethane Gas Import Project to secure feedstock, ensure operational stability, and support future expansions, through the establishment of the Alexandria Supply Chain Company in collaboration with national companies. The company also launched a Sodium Cyanide Production Project in partnership with DraChem, involving direct foreign investment, aimed at enhancing the added value of products within SIDPEC’s industrial complex in the Nahda area. In the energy sector, SIDPEC initiated the Combined Heat and Power (CHP) Project, recognized as the leading project within the industrial sector for improving energy consumption efficiency, reducing carbon emissions, and increasing the company’s self-sufficiency in electricity production — all contributing towards sustainable development. Eng. Mohamed Ibrahim praised the efforts of SIDPEC’s employees, emphasizing that human capital remains the true driver of all achievements. He commended the teams who worked diligently to overcome challenges, particularly the production site staff who operated around the clock to maintain continuous operations, describing them as the real heroes and the driving force behind all the company’s accomplishments. The General Assembly of SIDPEC approved the distribution of a cash dividend of EGP 1 per share, to be paid in two instalments, along with the allocation of free shares at a ratio of one free share for every four existing shares. The meeting was attended by Eng. Ibrahim Mekki, Chairman of the Egyptian Petrochemicals Holding Company, together with the company’s Vice-Presidents, Accountant Khaled Osman, Assistant Minister for Commercial Affairs, Eng. Moataz Atef, Undersecretary of the Ministry and Head of the Minister’s Technical Office and Spokesperson, Accountant Ashraf Kotb, Undersecretary for Financial and Economic Affairs, as well as SIDPEC leaders, shareholder representatives, members of the Central Auditing Organization (CAO), the company’s auditors, and minor shareholders.