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Italy’s Tecnimont hasn’t gone to int’l arbitration – KIMA

Italy’s Tecnimont hasn’t gone to int’l arbitration – KIMA
Kima
EGCH
-1.19% 9.15 -0.11
Eng. Eid El Hout, Chairman of The Egyptian Chemical Industries (KIMA), said Italy’s Tecnimont had threatened to go to the international arbitration but the Egyptian government intervened in solving this issue through contacting banks and Italy’s embassy in Cairo.
El Hout added that KIMA managed to overcome its problems and difficulties, and the advance was offered to Tecnimont in the Egyptian pound and the U.S. dollar.
A tender will be issued to global companies to execute the project of rehabilitating the final sections of factories so that their operation coincide with that of the new ammonia/urea plant, the Chairman said.