Daily News Egypt

Construction on new phosphoric acid project to start in June - Daily News Egypt

Advertising Area

Advertising Area

Construction on new phosphoric acid project to start in June

Launch of project is good news for Abu Qir Fertilizers

Misr Phosphate Company has authorised capital of $100m for the new Abo Tartor Phosphoric Acid Project, Misr Phosphate Company Chairperson Khaled El Ghazaly has revealed.

The company, which recently gained cabinet approval, now has a total investments worth $1bn in the project, which is located in the New Valley Governorate.   

A total of 65% of the investments would be funded by debt, with 35% coming through equity. The project is now awaiting formal approval from the General Authority for Investment and Free Zones (GAFI) to commence the 30-month construction period, which is expected to start in June 2020.

Egypt’s Minister of Petroleum Tarek El-Molla had previously signed a contract for the construction of the phosphoric acid manufacturing complex with a Chinese consortium.

Naeem Research anticipates that new  from a coverage point of view, this the new phosphoric acid project is good news for Abu Qir Fertilizers, as the company would own 10% of the project.

Advertising Area

Breaking News

No current breaking news

Receive our daily newsletter