The board of directors of Abu Qir Fertilizers and Chemicals Industries Company (ABUK) agreed to the establishment of a new joint stock company under the name of North Abu Qir Company for Agricultural Nutrients, according to a statement filed to the Egyptian Exchange (EGX) on August 25th.

The new company will be set up for the production of ammonia with a capacity of 1,200 tons per day, nitric acid with a capacity of 1,830 a day, and granular ammonium nitrate with a capacity of 2,400 tons a day.

North Abu Qir Company will be built on the land area owned by the Egyptian General Petroleum Corporation (EGPC).

The authorized capital of the new company amounts to EGP 10 billion, and its issued and paid-up capital is EGP 1 billion.

Abu Qir Fertilizers holds a 45% stake in the new joint stock company, while EGPC and the Egyptian Petrochemicals Holding Company (ECHEM) own 45% and 10% of the company, respectively.

Abu Qir Fertilizers is an Egypt-based company engaged in the agricultural chemicals sector. The company focuses on the production, distribution, and export of fertilizers, chemicals, and related products.

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