Arab Finance: The two ordinary general assemblies of Petrojet and Enppi have approved an unusual session, participating in the financing of the project of the phosphoric acid production factory in the Abu Tartour Plateau in the New Valley, in which the two companies contribute with a number of shareholders, according to Statement Issued by the Ministry.
The two associations approved the approval of the signing of the framework agreement for the shareholders and all contracts for the start of the project implementation with a production capacity of 250 thousand tons annually in its first stage, and Eng. Karim Badawi, Minister of Petroleum and Mineral Resources, stressed the importance of the project as one of the national projects for the Egyptian economy that helps to start maximizing the added value of phosphate crude by converting it into a final product instead of exporting it as an orthoped Mining wealth, and places Egypt on the path of transformation into a regional center for mining industries.
The Minister pointed out that this trend comes within the framework of the state's priorities and the Ministry of Petroleum and Mineral Resources to achieve a concrete increase in the contribution of the mining sector with the national product from less than 1% currently to between 5 and 6% during the coming period.
The minister had stressed in a previous meeting the importance of the pivotal role that Petrojet is played in the implementation of energy and infrastructure projectsInside and outside Egypt, stressing the importance of promoting the expansion of the company's activities in foreign markets.
He also directed the speedy coordination with the Ministry of Foreign Affairs to hold extensive meetings with a number of diplomatic missions of countries in Cairo with the aim of highlighting the capabilities of Petrojet and its wide experience in implementing major projects as well as promoting the company through cooperation relations with the Organization of African Petroleum Producers, which allows them to take optimal benefit from its energies and various experiences and enhance its presence regionally and internationally.
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