Communicator

Petrochemicals producer and distributor Sidi Kerir Petrochemicals Co. (Sidpec) has announced the formation of a consortium to import US shale gas to 🇪🇬 Egypt. SIDPEC will hold a 25% stake in the $663-million consortium, set to be established later this year.

According to the announcement, 40% of the initiative's financing will come from shareholders within the consortium, while 60% will be secured through bank loans. The consortium includes The Egyptian Ethylene & Derivatives Company (ETHYDCO) (25%), construction contractor Gama Construction Company (25%), refining company Egyptian Petrochemicals Holding Company (ECHEM) (15%), and Egypt's state-owned Egyptian Natural Gas Company (GASCO) (10%).

This initiative responds to Egypt's dwindling natural gas supplies, with estimates indicating the country needs approximately $1.18 billion worth of natural gas imports.

#sidpec  #ethydco  #egypt  #naturalgas  #shalegas  #gasco  #echem