By Nagy Rashed
A partnership agreement was signed on Thursday, November 3, 2016 among eight of the biggest Egyptian companies and finical bodies in order to establish the biggest industrial project for producing phosphoric acid from Abu Tartur’s crude phosphates at the Valley Governorate.
Those companies are as follows:
Abu Qir Company for Fertilizers and Chemical Industries, Misr Phosphate Company S.A.E, NCB Capital, National Investment Bank, East Mediterranean Gas Company, Petroleum Projects and Technical Consultations Company (PETROJET), Enppi and Egyptian Mineral Resources Authority (EMRA). The project will be financed at investment costs amounting to $1 billion and its production capacity is projected to produce 517 thousand tons of phosphoric acid per year. The project is expected to start operation in 2020. This project is considered the New Valley’s engine for development with 3000 direct workers and 5,000 indirect workers to be employed in the project.
