North Abu Qir for Agri-Nutrients Company

The Shareholders of North Abu Qir Agri-Nutrients Company have approved the establishment of a new company under the name “Khaleej Abu Qir for Agri-Nutrients” as a Special Free Zone company, with an authorized capital of USD 100 million and issued and paid-up capital of USD 5 million. North Abu Qir Agricultural Nutrients Company will be merged into the new company with the same shareholding structure, and the necessary procedures are currently being finalized.

A project with a production capacity of 2,400 tons/day of ammonium nitrate, 1,200 tons/day of ammonia and 1,830 tons/day of nitric acid to be established on the land plot owned by EGPC (formerly Rakta land). The shareholders, Abu Qir Fertilizers and EGPC will each hold a 45% stake, while ECHEM will own 10%.

The founding assembly of the new company has been held, and laid the foundation stone and the Co.’s BOD was formed. Noting that, in parallel, progress is being made in all implementation steps of the project, including selecting a list of qualified general contractors, defining a list of licensors for the project units, preparing ITB to be tendered to the list of qualified general contractors, and preparing EIA study, etc.

As part of the new company’s keenness to be in line with global trend for the reduction of carbon emissions and rationalizing natural gas consumption, MOUs were signed for the possibility of supplying the project with green hydrogen & renewable electricity needed to produce green ammonia. Moreover, the project feasibility study is being updated by “Nexant”.