Several Egyptian companies signed on Sunday final contracts with a Chinese consortium comprising China State Engineering Corp 601668 and East China Engineering Science and Technology Company 002140 to build a phosphoric acid plant in Egypt’s New Valley area.
The plant, which has an investment value of $658 million, will have the capacity to produce 250,000 tons of concentrated phosphoric acid in the first phase of the project, Egypt’s petroleum ministry said in a statement.
Egyptian participants in the project include leading fertilizer producer, Abu Qir Fertilizers ABUK, state-owned Misr Phosphate and others.