In a statement on the stock exchange website, the Egyptian Financial and Industrial Company (EFIC) said that it gained all required licenses to establish a new plant in Ain Sokhna at an investment cost of LE 500 million.
The plan will have a production capacity of 500,000 tons.
The release stated that, the plant is expected to start production within three years, adding that company’s total production capacity will reach 1.8 million tons of phosphate fertilizer.
The company plans to expand in a number of African markets including Sudan and Nigeria, with which it has recently signed export contracts. It is also targeting penetrating Latin American markets after signing export contracts with Brazil. –Arab Finance