Cairo –  Abu Qir Fertilizers said that investments for its carbon dioxide emissions reduction and urea capacity increase project are estimated at $80-100 million.

The project, scheduled to be implemented over two years, will be completely financed by banks and Al Ahly Capital Holding has been assigned to arrange the required financing for the project, according to a bourse disclosure on Tuesday.

Operations at the plant will not be disrupted by the expansion works, the company added.

The project includes producing urea fertilisers by a reaction of ammonia with carbon dioxide.

The campany plans to obtain a $25 million loan under the umbrella of the Egyptian Environmental Affairs Agency (EEAA) and the remaining amount will be financed by banks.

On 24 September, the company’s board decided to take steps towards implementing the project under which the production capacity of Abu Qir Urea Plant (3) is planned to be increased to 2,370 tonnes per day from 1,925 tonnes per day, which would be an increase of 154,000 tonnes annually.

During fiscal year 2019/2020, the company logged net profits of EGP 2.69 billion, down from EGP 3.16 billion a year earlier.

Source: Mubasher

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