OCI NV, Adnoc could shutter fertilizer plants on high gas prices
OCI NV, Adnoc could shutter Egypt fertilizer plants due to gas prices: High gas prices in Egypt could force OCI NV and the Abu Dhabi National Oil Company (Adnoc) to close all of their fertilizer plants in the country, the companies warned yesterday, according to Youm7. The companies, which last year merged to create the region’s largest fertilizer producer, said that they would first reduce production in response to the country’s high gas prices, which they said were inflicting heavy losses on their operations. The factories will eventually have to close entirely if gas prices remain high, the group said, without clarifying whether any closures would be permanent. Industrial firms currently pay USD 4.5 per mmBtu for gas in Egypt, more than 2.5x the international price paid by foreign competitors.