Arab Finance: A local alliance led by the Abu Tartur Phosphoric Acid Company intends to establish a phosphoric acid production plant in the Abu Tartur area, with investments of $1.2 billion, according to what was reported by Al Arabiya website.
The project is scheduled to take 36 months to implement, with a production capacity of 900,000 tons annually. The alliance includes nine local companies, including Abu Tartour, Enppi, Petrojet, the Holding Company for Chemical Industries, Abu Qir Fertilizers, Egypt Phosphate, East Gas, and other companies.
The Abu Tartur Phosphoric Acid Company – which operates a phosphate mine that is considered the largest in Egypt and among the largest in the world – will manage the project once it is completed and operational.
The coalition is also currently studying two alternatives for financing the project – the first revolves around the possibility of a new investor entering to finance the project in exchange for a certain percentage of the project, while the second involves managing about 65% of the project’s investments through financing agencies and 35% from shareholders.
Related news
