A shareholders agreement was recently signed in Egypt between Abu Qir Fertilizers and Chemical Industries Company, Helwan Fertilizers Company and Al Ahly Capital Holding Company to set up the Misr Methanol and Petrochemicals Company to produce methanol, ammonia, petrochemicals and other such raw materials. Minister of petroleum and mineral resources Tarek El Molla was present at the signing ceremony.
The project aims to meet the domestic market’s need for methanol and its derivatives and export the surplus abroad.
A shareholders agreement was recently signed in Egypt by Abu Qir Fertilizers and Chemical Industries Company, Helwan Fertilizers Company and Al Ahly Capital Holding Company to set up the Misr Methanol and Petrochemicals Company to produce methanol, ammonia and petrochemicals. Petroleum minister Tarek El Molla was present at the signing ceremony.
Abu Qir Fertilizers Company and Helwan Fertilizers Company each own 35 per cent share in the new company, and Al-Ahly Capital Holding Company, the investment arm of the National Bank of Egypt owns the rest, according to a statement by the petroleum ministry.
The investment in the first phase of the project is about $1.6 billion, with a production capacity of a million tonnes of methanol and 400,000 tonnes of ammonia annually. This project is planned in the Suez Canal Economic Zone in Ain Sokhna, which gives it a competitive advantage due to the many economic advantages granted by the General Authority for the Economic Zone of the Suez Canal to encourage and attract investments, according to Egyptian media reports.
Fibre2Fashion News Desk (DS)
