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Tuesday, 7 February 2017

Consortium looking to raise USD 700 mn to build phosphoric acid and phosphorous fertilizers factory

A consortium of seven public companies is pursuing a USD 700 mn loan to build a phosphoric acid and phosphorous fertilizers factory in the New Valley, unnamed government sources tell Al Mal. The factory will produce phosphoric acid and phosphorous fertilizers with an annual capacity of 500k tonnes, the source added. The companies participating include Al Ahly Capital and Phosphate Egypt with 20% each, and East Mediterranean Gas, Petrojet, Enppi, Abu Qir Fertilizers, the Saudi Egyptian Industrial Investment Company, and the Egyptian Mineral Resources Authority with 10% each, Abu Qir Fertilizers Chairman Saad Abou El Maaty said. The total estimated cost of the project is USD 1 bn, with the consortium self-financing USD 300 mn. NBE was hired to arrange the loan, but is still conducting a feasibility study, Al Ahly Capital CEO Khaled Badawi said.

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