Egypt’s Minister of Public Business Sector Hesham Tawfik witnessed on Wednesday the signing of a Memorandum of Understanding (MoU) between the Al-Nasr for Fertilizers and Chemical Industries company (SEMADCO) and the Benchmark Power International investment company (BPI) to establish a natural gas to ammonia plant at a capacity of 1,200 tons per day in the first stage, with investments valued at US$600 million.
The MoU stipulated that SEMADCO will grant the BPI land with an area of approximately 460,000 square meters in the Attaqah industrial zone of Suez governorate to establish the plant on a 25-year basis.
BPI will invite technical and financial partners to participate in the project, and secure a right of knowledge and information technology contract with a global knowledge resource provider in the ammonia technology industry.
On Wednesday morning President Abdel Fattah al-Sisi inaugurated the phosphate and compound fertilizers complex in Ain Sokhna, the largest of its kind in the Middle East and Africa, at a cost of LE12 billion.
The complex, belonging to the Al-Nasr For Intermediate Chemicals company, includes nine plants for fertilizers at a production capacity of about one million tons per year.
Edited translation from Al-Masry Al-Youm