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Monday, 23 May 2016

El Sisi inaugurates MOPCO’s USD 1.96 bn plant in Damietta

President Abdel Fattah El Sisi inaugurated the USD 1.96 bn Misr Fertilizers Production Company (MOPCO) fertilizer plant in Damietta. The expansion project, according to Al Ahram, has a urea production capacity of 2 mn tonnes, increasing Egypt’s annual urea output by 50%, which we reported yesterday. Egyptian entities own around 70% of the project, with Canadian fertilizer producer Agrium holding 26%, and the Organization of Arab Petroleum Exporting Countries 3.3%. The new plant also aims to export 60% of its output. The environmental impact of the expansion project was fully assessed, Environmental Affairs Minister Khaled Fahmy said, according to Al Shorouk, in a nod to the problems with ‘community relations’ (we’re being euphemistic here) that bedeviled it in 2008. The ministry had a number of requirements, all of which MOPCO abided with, Fahmy noted.

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