Cairo – Mubasher: El-Nasr Co for Fertilizers and Chemical Industries, a subsidiary to the Chemical Industries Holding Co, and Benchmark Power International (BPI) signed a memorandum of understanding (MoU) to build a new ammonia factory at a cost of $600 million.

During the first phase, the to-be-established plant will have a capacity of 1,200 tonnes per day, which will be doubled after the completion of the second phase, Egypt’s enterprise minister Hisham Tawfik said in a statement on Wednesday.

The project will be built in Ataqa in the governorate of Suez over an unused land plot of 460,000 square metres granted by El-Nasr Co for Fertilizers and Chemical Industries under a 25-year usufruct agreement.