According to a statement by the Egyptian Cabinet, the new company will aim to meet local market demand for methanol and its derivatives, while exporting any surplus overseas.
Abu Qir Fertilizers and Helwan Fertilizers will each take a 35% stake in the company, while Al Ahly Capital Holding will own the remaining 30% share.
The first phase of the project will see $1.6 billion invested to build plants in the economic zone of the Suez Canal in Ain Sokhna, Egypt, for producing an estimated 1 million t/y methanol and 400,000 t/y ammonia.
Chairman of Abu Qir Fertilizer Saad Abu Al-Maaty said the project will be built in two stages and that all the necessary approvals for allocating land and securing natural gas feedstock have been obtained.
The partners added that a study has already confirmed the project’s economic and market feasibility.
Author: Elaine Burridge, Freelance Journalist
