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Singapore-headquartered petrochemicals multinational Indorama Corporation has signed a partnership agreement with Egypt’s state-owned Misr Phosphate to establish a phosphate fertiliser plant in the Sokhna Industrial Zone within Egypt’s Suez Canal Economic Zone.
The project will have a production capacity of up to 600,000 tonnes per year in the first phase, with an estimated investment of up to $525 million, the Ministry of Petroleum and Mineral Resources said in a statement on Tuesday.
Two agreements were inked for the project by Mukul Agarwal, CEO, Indorama with Mohamed Abdel-Azim, chairman and managing director of Misr Phosphate and Moustafa Shaikhon, Vice Chairman of Suez Canal Economic Zone (SCZONE).
While the construction timelines weren't disclosed, Indorama had announced in February 2026 that the project is expected to reach financial close within the year.
To support financing, the company has mandated International Finance Corporation (IFC) and European Bank for Reconstruction and Development (EBRD) to lead debt syndication, alongside participation from its global relationship commercial banks.
The project will span an area of 522,000 square metres (sqm) and will provide up to 2,500 direct job opportunities along with about 500 job opportunities during the construction phase, the Ministry's statement said. In addition to phosphatic fertilisers, the project will produce related products including phosphate rock, ammonia, sulphur, potassium chloride, urea, zinc sulphate, boric acid/sodium borate and sodium molybdate.
Nearly 80 percent of the output will be exported.
Indorama had previously stated that the new Egyptian facility, together with the company's ongoing urea plant expansion in Nigeria, is expected to strengthen its position among leading global fertiliser manufacturers, with total annual capacity projected at around 13 million tonnes.
The Nigeria project, being developed by Indorama Eleme Fertiliser and Chemicals Limited, comprises a third nitrogenous urea production line with a capacity of 1.4 million metric tonnes per year and a new shipping terminal at Port Harcourt.
In March 2024, IFC had mobilised a $1.25 billion financing package alongside partners to support the Nigeria expansion.
(Writing by Eman Hamed; Editing by Anoop Menon)
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