News Details

Abu Qir Fertilizers (ABUK.CA)’s BOD Decisions

23/06/2022

Abu Qir Fertilizers (ABUK.CA)’s BOD held on June 21st 2022 approved to proceed in steps of establishing a new company to manage ABUK’s new planned project to be established on the land spot owned by the Egyptian General Petroleum Corporation (EGPC) - formerly Rakta land- whereas the formal procedures for handing over the land are being finalized. The new industrial complex project is expected to have a production capacity of 1200 tons/day of Ammonia, 1830 tons/day of Nitric Acid, and 2400 tons/day of Granular Ammonium Nitrate, with an estimated investment cost of USD 1.2bn, planned to be financed 70% debt and 30% equity, through a partnership between ABUK, the Egyptian General Petroleum Corporation (EGPC) and some of the company’s shareholders who expressed their initial interest to participate in the project after obtaining necessary approvals from their representing company. (Company’s BOD)

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