ArabFinance: Italian plant engineering company Maire Tecnimont announced that its subsidiary Tecnimont has finalized its contract with Egypt Hydrocarbon Corporation (EHC), according to a press release on May 12th.

Tecnimont has sealed all technical and commercial conditions of the implementation of a new Ammonia plant in Ain Sokhna in Egypt. The contract is valued at nearly $550 million (EGP 8.68 billion).

Maire Tecnimont had been selected as the exclusive Engineering Procurement Construction (EPC) contractor on September 12th 2019.

Project completion is scheduled in 36 months from the contract effective date that will be set upon the financial closing of the project.

Maire Tecnimont noted that both SACE and US EXIM Bank are currently in talks with EHC over the terms of their support to finance the project.

Ain Sokhna new Ammonia plant is projected to produce 1,320 metric tons per day (MTPD) of ammonia while including extensive utilities and offsites facilities.

The produced ammonia will be used to feed an Ammonium Nitrate plant in the same industrial facility, also owned by EHC which is a subsidiary of Carbon Holdings.

It is worth noting that the Italian company has generated EUR 3.3 billion in revenues and EUR 6.4 billion order book in 2019.

*At press time, the conversion rate is $1= EGP 15.78

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