Abu Qir Fertilizers launched a project to reduce carbon dioxide emissions and raise the production capacity of the Abu Qir 3 plant.
The company said in a statement to the Egyptian Exchange on Sunday that the procedures include awarding a license to Stamicarbon to carry out technical studies for the development of the liquid urea synthesis unit at the Abu Qir 3 plant to raise the production capacity from 1,940 tonnes per day to 2,370 tonnes per day, using the MP Add-on technology worth €1.58m.
The company explained that the procedures also include negotiations with banks to obtain the necessary financing for the project at best terms and prices.
Moreover, the company’s board approved the appointment of Essam Ashour Ali, a representative of the National Investment Bank, as a member of the company’s board of directors, succeeding Abdul Hakim Kasim Kulaib.
Abu Qir Fertilizers achieved net profits of EGP 686.55m during the period from July to September 2020, compared to EGP 751.6m during the same period of the last year.
The company’s sales declined during the three months to EGP 1.74bn until September 2020, compared to EGP 1.98bn during the same period last year.