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Minister of Petroleum and Mineral ResourcesTarek El-Molla has witnessed the signing of a contract for the construction of a phosphoric acid manufacturing complex project in Abu Tartur, New Valley governorate, at a cost of about $842m.
The signature was between Misr Phosphate Company and a Chinese alliance, consisting of Chinese Construction Engineering Company (CSCEC) and WENGFU Group, which has international experience in this field.
El-Molla said that the total investment cost of the project is $1bn, with a production capacity of about 1m tonnes of phosphoric acid annually, which is the basic material in the production of simple and compound phosphate fertilisers.
According to the minister, the complex will be built within the Abu Tartur mine, on an area of ??560,000 sqm and a storage area of ??3m sqm. El Wady for Phosphate Industries and Fertilizers Company will undertake the development, construction, management, and operation of the complex.
A long-term sale contract for phosphoric acid with a quantity of about 500,000 tonnes per year, equivalent to half of the expected amount of the project, was signed with WENGFU, which is one of the largest producers of phosphate industries in the world.
After the signing, El-Molla affirmed that the project aims to maximise the phosphate reserves in Abu Tartur upon President Abdel Fattah Al-Sisis directives to increase investments in the mining sector and raise its contribution to the GDP. He added that this project is considered the first of its kind in Abu Tartur with a huge potential that will allow the establishment of more than one production unit and complementary projects.
2019 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
