Cairo – Mubasher: Abu Qir Fertilizers decided to award Germany’s TKFT a contract to conduct technical studies for two months and half for the development of the granulation unit at Abu Qir Plant (3).

The project will raise the production capacity of the unit to 2,500 tonnes per day from 1,925 tonnes per day, the company said in a bourse disclosure on Monday.

Moreover, the UK’s Nexant will be awarded a contract to conduct the marketing and economic feasibility studies for the proposed project of ammonium nitrate fertilisers production which has a planned daily capacity to produce 1,200 tonnes of ammonia, 2,400 tonnes of ammonium nitrate fertilisers, and 3,000 tonnes of calcium ammonium nitrate fertilisers.

The ammonium nitrate project will be established on a vacant land owned by Rakta, affiliated to the Egyptian General Petroleum Corporation (EGPC), following the completion of the acquisition of Rakta by Abu Qir Fertilizers.

The company also approved a shareholder agreement with Helwan Fertilizers Co and Al Ahly Capital Holding to build an industrial complex with a capacity to produce 1 million tonne of methanol and 400,000 tonnes of ammonia per year.

During the first nine months of fiscal year (FY) 2020/2021, Abu Qir Fertilizers reported net profits of EGP 2.44 billion, up from EGP 2.13 billion in the year-ago period.