ArabFinance: Sidi Kerir Petrochemicals Company (Sidpec) (SKPC) will renounce ownership of license for the polypropylene project to Red Sea for Pipes Manufacturing and Supplies company, according to Sidpec March 9thstatement.

Sidpecs board of directors approved the waiver of the polypropylene project license as well as a 5% contribution to Red Sea for Pipes Manufacturings capital.

Sidpec posted a 94.66% Year on Year slump in its net profit in 2020.

Established in 1997 and listed on EGX in 2005, Sidpec operates within the materials sector focusing on commodity chemicals. It has subsidiaries operating across Egypt, working on textiles and oil and gas refining.

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