Arab Finance: The board of directors of Abu Qir Fertilizers and Chemicals Industries Company (ABUK) has approved in principle to proceed with the establishment of a company to manage a $1.202 billion project planned to be launched on a land area owned by the Egyptian General Petroleum Corporation (EGPC), according to a filing to the Egyptian Exchange (EGX) on June 22nd.

The new project is set to have a production capacity of 1,200 tons per day of ammonia, 1,830 tons per day of nitric acid, and 2,400 tons per day of granular ammonium nitrate.

The project will be 70% financed by loans, with the remaining 30% to be financed by equity through a partnership between Abu Qir, the EGPC, and other shareholders who expressed interest in the project after obtaining the necessary approvals.

On March 9th, Abu Qir Fertilizers’ board approved studying the establishment of the Green Hydrogen and Green Ammonia project in partnership with France’s Total.

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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