Cairo – Mubasher: Sidi Kerir Petrochemicals Company (Sidpec) and Nigeria's Rungas Group Limited plan to build a butane cylinders factory at a value of $30 million.
Polyethylene and ethylene produced by Sidpec will be used to manufacture empty cooking cylinders in the new factory, according to Asharq Business.
The joint project, which will be established in the city of Alexandria in northern Egypt, will produce butane gas cylinders for export, with an annual production capacity of one million empty cylinders.
Last October, the two parties inked a partnership deal to establish a liquefied petroleum gas (LPG) cylinder manufacturing plant.
The Egyptian Ministry of Petroleum raised its expectations for investments in the oil and gas sector from $8 billion to $9 billion until the end of the current fiscal year.
In the first nine months (9M) of 2023, Sidpec generated net profits after tax valued at EGP 1.81 billion, higher by 143.82% than EGP 744 million in 9M-22.
Revenues enlarged by 67.74% to EGP 9.73 billion in 9M-23 from EGP 5.80 billion a year earlier, while the basic earnings per share (EPS) increased by 96.91% to EGP 1.91 from EGP 0.97.
