International companies are to be invited to bid by mid-February for the contract to build a fourth unit at the Alexandria complex of Abu Qir Fertilisers & Chemical Industries Company. Plans for the estimated£E 1,200 million ($289 million) investment were approved at a mid-August extraordinary general meeting of the company's shareholders (MEED 7:9:01).
Companies looking seriously at the project are understood to include Germany's Krupp Uhde- which built the second and third units at the complex - Kellogg Brown & Rootof the US and Tecnimontand Snamprogetti, both of Italy.
The new unit will produce 800 tonnes a day (t/d) of ammonium nitrate. It is scheduled to come on stream in 2005. The project will be financed from the company's own resources, including the retention of £E 2.5 ($0.60) a share of the annual dividend for four years.
The company produces some 7 million tonnes a year of nitrogenous fertilisers, and has annual turnover of about £E 1,500 million ($361 million), roughly 40 per cent of which is made up of exports.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.