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Sidi Kerir, Government to Form Ethylene Production Company

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March 29 (Bloomberg) -- Sidi Kerir Petrochemicals Co. and two Egyptian government companies are investing 7 billion Egyptian pounds ($1.18 billion) in an ethylene venture.

Alexandria-based Sidi Kerir already has a license to build a plant with capacity to produce 460,000 tons of ethylene annually and will own 20 percent of the new company, it said in a regulatory filing today.

The project, due to be completed in three years, will be financed by local banks, including National Bank of Egypt, Banque Misr SAE, Commercial International Bank SAE, National Societe Generale Bank SAE, and Arab African Bank, the oil ministry said on its website.

To contact the reporters on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net; Ola Galal in Cairo at ogalal@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net