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Sidi Kerir Unit Gets 5 Offers for Ethylene Project, Al Mal Says

May 22 (Bloomberg) -- Egyptian Co. for Ethylene Production, a unit of Sidi Kerir Petrochemicals Co., received five offers for construction of a polyethylene plant, Al-Mal reported, citing Ahmed Helmi, the unit’s chairman.

The company has government approval to obtain a bridge loan of $240 million, part of total loan finance of $1.25 billion sought for the project, the newspaper said. The plant, which will have a capacity of 400,000 tons a year, will be built in the coastal city of Alexandria, Al Mal said.

Egyptian Co. will sign in a few days an agreement with five local banks for the $1.25 billion, including National Bank of Egypt, Commercial International Bank of Egypt, Arab African International Bank, Banque du Caire and Banque Misr, the newspaper said.

To contact the reporter on this story: Dahlia Kholaif in Kuwait at dkholaif@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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