Cairo – Mubasher: The board of Abu Qir Fertilizers has approved to proceed with the establishment of a company that will manage the project planned to be launched on the land area, owned by the Egyptian General Petroleum Corporation (EGPC).

The project includes the launch of an ammonia plant with a production capacity of 1,200 tonnes per day, a nitric acid plant with a capacity of 1,830 tonnes per day, and a granulated ammonium nitrate plant with a capacity of 2,400 tonnes per day, according to a bourse filing on Wednesday.

With an estimated investment cost of $1.20 billion, 70% of the project is planned to be financed by bank loans and 30% by equity through a partnership between Abu Qir, EGPC, and some of the company's shareholders.

It is noteworthy to mention that in the first nine months (9M) of fiscal year (FY) 2021/2022, the net profits of Abu Qir jumped by 184.87% year-on-year (YoY) to EGP 6.96 billion from EGP 2.44 billion.