During the signing ceremony – Press photo
CAIRO – 7 August 2019: Al-Nasr Fertilizers Company, a subsidiary of the Holding Company for Chemical Industries, signed a memorandum of understanding with Benchmark Power International to establish a new ammonia production plant.
The MoU stipulates that the two companies cooperate to establish a new ammonia production plant with a capacity of 1200 tons per day in the first phase, which will be doubled by the completion of the second phase, at an estimated cost of about $600 million.
The MoU was signed by Chairman of El Nasr Fertilizers Company Hamdy Gaber, and Chairman of Benchmark Power International Ahmed Bahgat,in the presence of Chairman of the Holding Company for Chemical Industries Emad Mostafa.
According to the MoU, El Nasr Company will provide the project with an unused plot of land with an area of approximately 460,000 square meters for the establishment of the plant on a 25-year usufruct basis.The land is located in the scope of the company's factories complex in Ataka area in Suez Governorate.
On the other hand, Benchmark will bring technical and financial partners, and provide knowledge and information technology contract with an internationally renowned knowledge resource provider and a precedent in the ammonia technology industry.
This project comes in light of the Ministry of Public Business Sector's efforts to modernize and develop its subsidiaries, support them with modern technology and utilize the expertise of the private sector, as well as improve the utilization of unused assets.