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Arab Finance: Prime Minister Mostafa Madbouly met with Minister of Petroleum and Mineral Resources Karim Badawi to review the executive status of projects related to phosphate ore industries and expansion efforts of adding value to this valuable ore, according to a statement.
During the meeting, Madbouly highlighted the strategic importance of the phosphate industry, as Egypt holds a significant comparative advantage in the sector due to its mineral resources.
He stressed the government's efforts to maximize the utilization of phosphate resources and expand the production of phosphate and compound fertilizers to meet local demand while boosting exports to foreign markets.
The prime minister urged leveraging Egypt’s mineral wealth through enhanced scientific research, keeping pace with the latest developments in earth sciences, and strengthening cooperation and experience exchange with specialized international institutions.
Furthermore, the officials reviewed the distribution and size of phosphate ore reserves across Egypt, as well as the current production capacities of coarse phosphate ore.
Talks also covered the operational status of phosphate fertilizer plants and their product range, which supports local market needs and enables the export of surplus production.
They also addressed efforts to scale phosphate-related value-added industries, in addition to current projects with local and international specialized companies.
In April, Indorama and Misr Phosphate signed an agreement to establish a new phosphate fertilizer plant in the Suez Canal Economic Zone (SCZONE).
The first phase of the complex is expected to have an annual production capacity of 600,000 tons, backed by an investment of $525 million.
In the same vein, China-based Xingfa Group unveiled last January plans to invest $2 billion in an integrated project for exploring, extracting, and producing various high-quality phosphate products in Egypt.
