Minister of Petroleum and Mineral Resources, Tarek El Molla, presided over the annual general assembly of Sidi Kerir Petrochemicals Company (Sidpec) to endorse its 2023 operational outcomes. 

Sidpec's Chairman and CEO, Mohamed Ibrahim, presented key business achievements, highlighting surpassing production and sales targets by 105% and 106%, respectively. Noteworthy milestones included meeting the production plan for ethylene and polyethylene, as well as the successful production of untreated butane and high-octane naphtha. 

Emphasizing Sidpec's pivotal economic role and commitment to safety and environmental standards, Minister El Molla underscored the company's contribution to the petrochemical product supply chain and workforce development, leading to increased production. 

The assembly ratified the budget, with a profit distribution of EGP 1.25 per share and one free share for every five shares. 

Minister El Molla affirmed the Egyptian petrochemical industry's potential for growth, proposing updates to the national plan until 2040 to capitalize on opportunities for market expansion and surplus exportation.