Cairo – Mubasher: The board of directors of Sidi Kerir Petrochemicals (Sidpec) approved its budget for 2021.

The budget includes EGP 86.68 million for replacement and renovation works, Sidpic said in a statement to the Egyptian Exchange (EGX) on Sunday.

The company prepared its budget based on a dollar price of EGP 16 in the current year.

During the first nine months of 2020, Sidpic incurred net losses of EGP 75 million, against net profits of EGP 521 million in the year-ago period.