{"id":654321,"date":"2024-10-31T00:00:00","date_gmt":"2024-10-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/31\/sidpec-to-set-up-a-usd-159-mn-sodium-cyanide-factory-dp-world-to-look-into-setting-up-a-freezone-in-the-new-capital\/"},"modified":"2024-10-31T00:00:00","modified_gmt":"2024-10-31T00:00:00","slug":"sidpec-to-set-up-a-usd-159-mn-sodium-cyanide-factory-dp-world-to-look-into-setting-up-a-freezone-in-the-new-capital","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/31\/sidpec-to-set-up-a-usd-159-mn-sodium-cyanide-factory-dp-world-to-look-into-setting-up-a-freezone-in-the-new-capital\/","title":{"rendered":"Sidpec to set up a USD 159 mn sodium cyanide factory + DP World to look into setting up a freezone in the new capital"},"content":{"rendered":"

More manufacturing news: <\/strong>On a day busy with manufacturing news, the cabinet greenlit a new Sidpec project and DP World signed an MoU to explore the possibility of developing a public freezone in the new capital. <\/p>\n

A USD 159 MN PLASTIC PLANT FROM SIDPEC - <\/p>\n

A new project from Sidpec: <\/strong>Sidi Kerir Petrochemicals (Sidpec) will set up a USD 159 mn project for the production of sodium cyanide and its derivatives \u2014 dubbed Draschem for Specialized Chemicals \u2014 after cabinet approved the move yesterday<\/a> during its weekly meeting. The plant will be set up on the company\u2019s factory complex in Alexandria under the special freezones system.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

SOUND SMART- <\/strong>Sodium cyanide is the solution commonly used for gold extraction from low-grade ore, and can be used to extract other metals, including copper, zinc, and silver.<\/p>\n

A regional first: <\/strong>The factory will make Egypt the first country in the MENA region to localize the production of sodium cyanide. <\/p>\n

Some relief for our trade deficit:<\/strong> The factory will be fully dependent on local components and will export 100% of its output. It will initially produce some 50-55k cbm of sodium cyanide, with plans to double that during a later phase. <\/p>\n

There has been a lot of interest in sodium cyanide this year: <\/strong>Earlier this year, German cyanide producer CyPlus reportedly submitted an investment proposal<\/a> to set up a USD 150 mn factory that would produce 30k tonnes of sodium cyanide per annum, while another Austrian company was said to have submitted a proposal for a USD 120 mn factory. Shortly after, news broke<\/a> that Austria\u2019s Petrochemical Holding Company and Czech company Draslovka are planning to jointly establish a sodium cyanide facility in Egypt \u2014 a facility that would see initial investments of USD 160 mn in its first phase.<\/p>\n

AND- Another private freezone? <\/strong>Cabinet approved a draft decision to set up a private freezone under the name Yada Egypt in New Alamein\u2019s industrial zone. The EUR 70 mn zone will focus on furniture manufacturing, with 100% of its output earmarked for exports. <\/p>\n

More details: <\/strong>The zone will have an annual production target of 40 mn pieces of furniture with the local component ratio starting at 40% to be increased to 80%. <\/p>\n

DP WORLD COULD SET UP A FREEZONE IN THE NEW CAPITAL- <\/p>\n

DP World to look into setting up a freezone in the new capital: <\/strong>Dubai\u2019s state-owned port operator DP World<\/a> has agreed to explore the possibility of developing a public freezone in the new capital under an MoU inked with the New Administrative Capital for Urban Development (ACUD) and the General Authority for Investment and Freezones (GAFI), according to a cabinet statement<\/a> out yesterday. <\/p>\n

What we know so far: <\/strong>The proposed project will span 500 feddans owned by ACUD and will focus on key industrial sectors, including electronics, automotive, fast-moving consumer goods, garments, and footwear.<\/p>\n

What\u2019s next?<\/strong> The MoU states that the parties involved will shortly kickstart technical and feasibility studies, ahead of inking the official contracts for the new project.<\/p>\n

We might have already heard about the same project: <\/strong>ACUD Chairman Khaled Abbas told<\/a>the media earlier this week<\/a> that the company would ink an MoU with an unnamed company from the UAE for a 500-feddan industrial zone in the coming days, although without any mention of it having the status of a freezone.<\/p>\n

It\u2019s also not the only Emirati freezone project on the drawing table:<\/strong> Recent meetings in August between government officials and Emirati government and business figures covered a proposal to set up an Emirati industrial zone<\/a> in East Port Said, which the government said it was considering making a freezone or special economic zone exempt from customs duties.<\/p>\n

The authority already has 11 more freezones in the pipeline: <\/strong>We heard earlier this month from unconfirmed reports that GAFI will set up five more freezones<\/a> in Greater Cairo and New Alamein under the special freezones system in response to investor demand, in addition to a further six zones<\/a> announced a week earlier.<\/p>\n

\n

A NEW EGP 100 MN POLYURETHANE PLANT IN THE WORKS-<\/p>\n

SCZone gets ready to welcome a new plastic factory:<\/strong> The Suez Canal Economic Zone (SCZone) has signed a contract with Dubai-based polyurethane systems firm, Pearl Polyurethane Systems<\/a>, to set up a polyurethane factory in the Sokhna Industrial Zone, with initial investments of EGP 100 mn, according to a SCZone statement<\/a>.<\/p>\n

What we know:<\/strong> The plant will be set up within the ready-to-use factories area developed by industrial developer Main Development Company over 5k sqm. The plant will create about 45 jobs from the start, with the second phase slated to bring in additional investments and more jobs. Production is set to start in 1Q 2025, with a targeted capacity of 20k tons of polyurethane annually, with its sights set on Africa and Southern Europe as potential export markets.<\/p>\n

About the company:<\/strong> Founded in 2006, Pearl specializes in polyurethane and polyester insulation solutions and other applications. The company has over 35 years of experience in Middle Eastern markets, and boasts several investments in Saudi Arabia, UAE, and India.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sodium cyanide is the solution commonly used for gold extraction<\/p>\n","protected":false},"author":1,"featured_media":654322,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7255],"tags":[7127,282,2020,72,461,131,875,706,416],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-654321","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manufacturing","tag-acud","tag-cabinet-watch","tag-dp-world","tag-enterpriseam","tag-gafi","tag-manufacturing","tag-new-administrative-capital","tag-sidi-kerir-petrochemicals","tag-suez-canal-economic-zone","wpautop","entry"],"acf":{"mongo_id":"56ae4329-b447-4bbd-b1b0-ae90c9330db6","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/539.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s Sidpec to set up a USD 159 mn sodium cyanide factory + DP World to look into setting up a freezone in the new capital","related_issue":[654316],"teaser":"Sodium cyanide is the solution commonly used for gold extraction","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.411f9b0a-5712-42e5-a84c-03602482866c.mp3"},"yoast_head":"\nSidpec to set up a USD 159 mn sodium cyanide factory + DP World to look into setting up a freezone in the new capital - 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The value of the contract was not disclosed. We reported last October that Sidpec was in\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597540,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/30\/ni-capital-to-select-quarterback-for-sidpec-stake-sale-in-september\/","url_meta":{"origin":654321,"position":1},"title":"NI Capital to select quarterback for Sidpec stake sale in September","author":"enterpriseam admin","date":"30 July 2019","format":false,"excerpt":"IPO WATCH- NI Capital to select quarterback for Sidpec stake sale in September: State investment bank NI Capital will announce in September the winning bid out of seven offers it received from investment banks to advise on the planned sale of an additional 23% stake in Sidi Kerir Petrochemicals (Sidpec)\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":623222,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/23\/ethydco-sidpec-and-echem-acquire-100-stake-of-cci-for-usd-15-mn\/","url_meta":{"origin":654321,"position":2},"title":"Ethydco, SIDPEC and ECHEM acquire 100% stake of CCI for USD 15 mn","author":"enterpriseam admin","date":"23 October 2018","format":false,"excerpt":"M&A WATCH- Three state-owned companies close USD 15 mn buyout of CCI: State-owned companies Egyptian Ethylene and Derivatives Company (Ethydco), Sidi Kerir Petrochemicals Company (SIDPEC) and the Egyptian Petrochemical Holding Company (ECHEM) have closed a USD 15 mn acquisition of Solvay Alexandria Sodium Carbonate (CCI), government sources told local media.\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599315,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/25\/egypts-state-owned-sidpec-stake-sale-preparations-underway\/","url_meta":{"origin":654321,"position":3},"title":"Egypt\u2019s state-owned SIDPEC stake sale preparations underway","author":"enterpriseam admin","date":"25 June 2019","format":false,"excerpt":"Sidpec stake sale preparations underway: Preparations are underway to kickstart the bookbuilding process of a 30% stake sale in Sidi Kerir Petrochemicals (Sidpec) as part of the state privatization program, Al Mal reports, citing sources \u201cclose to the matter.\u201d NI Capital, the state-owned investment bank managing the program, signed contracts\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/259.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562317,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/19\/sidpec-rebounds-from-tumultuous-2020-in-1q\/","url_meta":{"origin":654321,"position":4},"title":"Sidpec rebounds from tumultuous 2020 in 1Q","author":"enterpriseam admin","date":"19 May 2021","format":false,"excerpt":"Sidpec is beginning to recover from last year\u2019s tumult in the energy markets: Sidi Kerir Petrochemicals (Sidpec) generated net income of EGP 151.7 mn in 1Q2021, against losses of EGP 31.3 mn during the same quarter a year earlier, the company said in its quarterly earnings release (pdf). Net sales\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":550095,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/sidpec-wants-100-of-ethydco\/","url_meta":{"origin":654321,"position":5},"title":"Sidpec wants 100% of Ethydco","author":"enterpriseam admin","date":"13 October 2022","format":false,"excerpt":"Sidpec wants Ethydco: EGX-listed Sidi Kerir Petrochemicals (Sidpec) wants to fully acquire subsidiary Egyptian Ethylene and Derivatives Company (Ethydco) through a share swap, Chairman Mohamed Ibrahim told CNBC Arabia yesterday (watch, runtime: 9:45), adding that Sidpec expects to wrap up the acquisition in less than a year.Sidpec\u2019s board will discuss\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/215.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/654321","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=654321"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/654321\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/654316"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/654322"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=654321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=654321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=654321"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=654321"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=654321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}