Cairo – Mubasher: The board of directors of Abu Qir Fertilizers decided to start procedures for implementing a project to reduce carbon dioxide emissions and increase urea production capacity at Abu Qir Urea Plant (3).

Stamicarbon has been awarded a contract to conduct technical studies for the development of a liquid urea unit at Abu Qir Urea Plant (3) to raise the production capacity to 2,370 tonnes per day from 1,940 tonnes per day, using MP Add-on technology, at a value of $1.58 million, according to a bourse disclosure on Monday.

Abu Qir Fertilizers will also enter into negotiations with banks to arrange the required finance for the project.

The board also approved the appointment of Essam Ashour as a board member, representing the National Investment Bank (NIB), succeeding Abdel Hakim Kassem.

During the first quarter (Q1) of fiscal year 2020/2021, the company achieved net profits of EGP 686.55 million, down from EGP 751.6 million in the prior-year period.

Source: Mubasher

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