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OCI plants hit by poor gas supply

Cairo, November 6, 2012

Egyptian group Orascom Construction Industries has stopped two fertiliser production lines at its Egyptian Fertiliser Co subsidiary because of gas supply problems.

Production should be restored to previous levels within seven days, OCI told the stock exchange on Tuesday.

Egyptian Fertiliser's two lines together produce about 1.3 million tonnes of urea per year, investment bank EFG Hermes said in a research note.

Market's biggest listed company, OCI, also said it had yet to resolve a dispute with the tax authority which wants the group to pay capital gains tax on the 2007 sale of an affiliate.

OCI has said the sale was legally tax exempt because the affiliate's shares were listed on the stock market. The shares were up 1.2 per cent at 0855 GMT.-Reuters




Tags: Egypt | Orascom Construction Industries |

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