Egyptian consortium to set up $1.2bln phosphoric acid production project in Abu Tartur

Reuters/Amr Abdallah Dalsh

The alliance is currently considering two options for funding the project; the first is securing around 65% of the project’s investment from financing entities and self-financing the remaining 35%

Staff Writer, Arab Finance

PHOTO

Egypt - A consortium of nine Egyptian firms is planning to implement a phosphoric acid production project in the Abu Tartur area, with investments of $1.2 billion, a government official told Al Arabiya Business.

The alliance is currently considering two options for funding the project; the first is securing around 65% of the project’s investment from financing entities and self-financing the remaining 35%, the official said.

The second option is the possibility of including a new local or foreign investor as a partner with a specific share in the project in return for finance, he added.

The official pointed out that the project is set to be executed within almost 36 months, targeting a production capacity of up to 900,000 tons of phosphoric acid annually with a concentration of 54%.

Abu Tartour For Phosphoric Acid (AT-PHOS) will be in charge of operating the project on behalf of other shareholders, with Misr Phosphate Company to hold a share nearing 24% in the project.

The consortium involves the Engineering for Petroleum and Process Industries (ENPPI) Petroleum Projects and Technical Consultations Company (PETROJET), the Chemical Industries Holding Company, Abu Qir Fertilizers and Chemicals Industries Company, Misr Phosphate Company, East Gas Company, and others.