Egypt Hydrocarbon Corporation (EHC), an affiliate of Carbon Holdings, announced that they have signed a $298 million loan facility and have begun work on a world-scale chemical complex in the Suez region of Egypt.

The complex includes both nitric acid and ammonium nitrate facilities.

The initial mandated Lead Arrangers for the loan facility are Ahli United Bank (Egypt) and Ahli United Bank (Bahrain) who are the Bookrunners, Banque Misr which is the Security Agent, and Commercial International Bank (Egypt) which is the facility agent.
 
The Engineering, Procurement and Construction contract and Technology Licenses have been executed with Uhde, a wholly owned subsidiary of ThyssenKrupp.
 
“This project is a significant step for Carbon Holdings and EHC in our plan to execute three major projects over the next five years,' said Basil El-Baz, chairman and CEO of Carbon Holdings.

The complex converts ammonia feedstock to 925 metric tons per day of nitric acid which is further processed to produce 1,060 metric tons per day of low density ammonium nitrate.

Start-up of the facility is estimated in 2013.-TradeArabia News Service