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Sunday, 14 August 2016

Chinese firm to provide USD 600 mn in funding for factory producing phosphoric acid in Al Wadi Al Gadid

Chinese firm Weng Fu has reportedly signed an MoU to provide USD 600 mn in funding to build a factory in the Abu Tartur mine in Al Wadi Al Gadid to produce phosphoric acid, a report from the company Phosphate Egypt to Petroleum Minister Tarek El Molla revealed, Ahram reported on Sunday. Phosphate Egypt has conducted marketing, environmental and hydrogeological studies for the plant. The whole project is worth USD 900 mn, with the rest of the cost to be covered through bank loans. The factory will have a production capacity of 517k tons of phosphoric acid to be exported annually.

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