ThyssenKrupp Industrial Solutions in Egypt allocated €133m worth of investments to expand and develop the machinery of Abu Qir Fertilizers.
The project will start by the beginning of the next year, and the contracts will be concluded soon, according to Thore Lohmann, country CEO of ThyssenKrupp Industrial Solutions in Egypt.
He said that the company has contributed to the construction of 15 out of 16 fertiliser factories in Egypt. He stressed that his company uses advanced technology to ensure high efficiency and to meet the future challenges of the market.
Abu Qir Fertilizers has announced earlier that two acid and nitrate units had been established with a capacity of 600 tonnes per day.
The company has achieved profits of EGP 2.23bn in the last fiscal year, which ended in June, compared to EGP 1.02bn in the one before last.
Abu Qir Fertilizer’s capital is estimated at EGP 1.89bn, distributed over 126.18 million shares at a nominal value of EGP 15 per share.
Lohmann added that ThyssenKrupp was negotiating with other fertiliser companies to implement expansion and development of equipment, adding that other contracts would be concluded in the first quarter of the next year.