Abu Qir Fertilizers has agreed to conclude a shareholder agreement with Helwan Fertilizers Company and Al Ahly Capital Holding Company to establish an integrated industrial complex.
The complex, which will focus on methanol and ammonia production that will be used as agricultural nutrients, with a production capacity of 1 million tonnes of methanol annually, and 400,000 tonnes of ammonia annually.
Abu Qir Fertilizers said the project is to be built in the Suez Canal Economic Zone (SCZone) in Ain Sokhna, and will contribute 35% of the company’s capital.
The Board of Directors at Abu Qir Fertilizers also agreed to assign the technical studies for the development of the granulation unit at the Abu Qir 3 production plant project to the German company TKFT.
This work aims to raise the granulating unit’s production capacity to 2,500 tonnes/day instead of 1,925 tonnes. The study will last for two and a half months.
The company said in a statement to the Egyptian Exchange (EGX), that the Board of Directors has agreed to assign the process of preparing a marketing and economic feasibility study for a project to produce aluminium nitrate fertilisers.
The project aims for a production capacity of 1,200 tonnes/day of ammonia, 2,400 tonnes/day of ammonium nitrate fertilisers, or 3,000 tonnes/day calcium ammonium nitrate fertilisers, assigned to the English Nexant. The duration of the study is about three months.
The company added that the aluminium nitrate fertiliser production project is to be built on vacant land belonging to the General Company for Paper Industry (Rakta), owned by the Egyptian General Petroleum Corporation (EGPC). The construction will commence after Abu Qir Fertilizers completes the acquisition procedures.
Abu Qir Fertilizers achieved profits of EGP 2.44bn during the period from July 2020 to March 2021, compared to profits of EGPP 2.13bn in the last fiscal year.
The company’s revenues rose during that period to EGP 6.3bn, compared to EGP 5.8bn in the last fiscal year.