OCI earmarks $200m for fertiliser projects
Cairo, January 27, 2010
Orascom Construction Industries (OCI), Egypt's biggest listed builder, has earmarked about $200 million for fertiliser production lines and other initiatives, an executive said on Wednesday.
The money has been allocated for a urea ammonium nitrate production line, an ammonium sulphate line and the expansion and upgrade of existing urea production capacity in Egypt, Investor Relations manager Omar Darwazah told Reuters.
Al-Alam al-Youm, an Egyptian daily, had reported that the $200 million would be spent on two new fertiliser factories.
'These initiatives are already under construction,' Darwazah said, clarifying Wednesday's newspaper report.
OCI, which lists its shares in Cairo and London, has interests in construction and fertiliser production. Many analysts predict it will do well this year as fertiliser prices continue to rise.
The firm is also considering bidding for Copebras, a Brazilian fertiliser maker owned by Anglo-American, and licences to produce fertiliser in India, chief executive Nassef Sawiris has said.-Reuters
More Industry, Logistics & Shipping Stories
- Flare, Jordan form parent company ‘Aereon’
- Drydocks delivers second MCV for US
- ASIS launches amphibious leisure boat
- Taskforce sought to develop Saudi downstream sector
- DP World launches $200m India project
- RAK 'exploring' ceramics unit stake sale
- Mideast carriers top global air freight growth
- DMCA launches maritime solution apps
- Saudi plans oil-to-chemicals plant at Yanbu
- Sabic gets four bids for JV with Mitsubishi Rayon
- Pentair, IDC launch industrial services JV
- Major maritime conference to be held in Dubai
- GPIC wins key IFA certification
- Gulf rules must aid e-commerce: Aramex
- Gulftainer expands 2013 ops by 50pc
- DMCA to take part in Dubai boat show
- Al Namal to launch eco-friendly chillers
- Abu Dhabi city ports to receive facelift
- Kuwait Styrene posts $180m net profit
- Drydocks set for key energy event
- Aramex launches new address check system
- Toshiba in green push at Bahrain expo
- Equate net profit surges 14pc to $1.2bn
- Shaikh Daij named new Alba chairman
- Al Abbas wins logistics rights to Sudan
- Milaha profits jump 14pc to top $260m
- BIC, Al Zayani renew partnership
- Dubai Metro to open 2 stations Saturday
- Top petchem firms back UAE plastics events
- DGCX, China’s DCE launch plastics futures