85% of KIMA 2 project achieved: Chemical Holding

CAIRO – 11 April 2018: Around 85 percent of state-owned Egyptian Chemical Industries’ KIMA 2 project has been finished, according to Deputy Chairman of Chemical Industries Holding Company Waleed el-Rashidy.

Rashidy said that KIMA 2 is expected to be finished by the end of 2018, with a cost of LE 11.6 billion.

A number of the company’s board members will visit the project on Wednesday April 11 to follow up on the latest developments in its implementation which is carried out by the Italian company TechnoNet.

Rashidy also referred to the recent agreement with banks to raise their finance participation in the project to 61.8 percent instead of 51.8 percent, in the presence of Public Enterprise Minister Khaled Badawy.

The banks include the National Bank of Egypt (NBE), Banque Misr, Arab African Bank, Banque Du Caire, Egyptian Arab Land Bank and Blom bank.

KIMA 2 is a facility for fertilizer manufacturing that is being built at the existing site of the company's Aswan fertilizer complex, at a cost of LE 11.6 billion.

Production from the facility is expected to reach 1,200 tons of ammonia and 1,600 tons of urea per day.

The Italian company responsible for executing the project is set to finish 85 percent of construction works by the end of April and will start test operation by year-end.

The Egyptian Chemical Industries, known as KIMA, is affiliated to the Chemical Industries Holding Company, producing nitrogenous fertilizers and chemicals, including hydrogen and ammonia.

KIMA is listed on the Egyptian Exchange since August 1995 and operates within the materials sector, focusing on diversified chemicals.

It has two subsidiaries in Egypt working on agricultural products and diversified chemicals. KIMA is based in Aswan and was established in January 1956.