The Arab Fertilizer and Chemicals Company (AFCCO) of Egypt and Arab Banking Corporation (ABC) have signed an agreement appointing ABC as advisor for an NPK Fertilizer plant project being developed in Egypt by the Joint Arab Investment Corporation (JAICORP) of Abu Dhabi.
This $350 million gas based plant, to be located in Western Suez, is the first stage of a planned integrated chemical fertilizer complex with an anticipated total investment estimated at $1.1 billion. ABC was appointed adviser after a comprehensive selection process conducted by AFCCO.
In its first stage, the project will create around 1,500 employment opportunities in Egypt, and will be producing one million tone of high grade NPK fertilizer and 0.6 million tons of Calcium Nitrate fertilizer per year.
The major feedstocks of the project are natural gas, phosphate rock and potash, which will be sourced from local and regional suppliers. Site activities are expected to start in the fourth quarter of 2003 and construction to be completed in the fourth quarter of 2006.
JAICORP was established in 1977 to assist and promote investment in Egypt. JAICORP has a paid-up capital base of $110 million and authorized capital of $500 million. The ownership of JAICORP is entirely quasi-Government of Abu Dhabi.
In Egypt, ABC's wholly owned subsidiary offers a range of premium consumer banking and corporate banking services. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
