Cairo – Mubasher: Sidi Kerir Petrochemicals Company (Sidpec), and a consortium of companies, are planning to establish a company to import liquified ethane gas (US shale gas) through a consortium of other parties.

The company’s capital will amount to $663 million to be paid in three phases and financed by shareholders (40%) and bank loans (60%), according to a bourse filing.

The consortium creating the company will include Sidpec, ECHEM, Ethydco, GASCO, and Gama Construction Company.

Sidpec, Ethydco, and Gama Construction will have 25% stakes each in the company, while the stakes of ECHEM and GASCO will amount to 15% and 10%, respectively.

The project is pending approval from all parties.

Sidpec’s net profit grew to EGP 559 million in the first quarter (Q1) of 2024 from EGP 520 million in Q1-23.