An agreement was signed this week to create the Misr Methanol and Petrochemicals Company, according to a statement by Egypt’s Ministry of Petroleum. Helwan Fertilizer and Abu Qir Fertilizers companies will own a 35% stake for each, while Al Ahly Capital Holding Company will hold the remaining 30% stake.
The project will be located in the Suez Canal Economic Zone (SCZone) in Ain Sokhna. The investment cost of the first phase amounts to 1.6 billion, and it will have a production capacity of 1 million tons of ethanol and 400,000 tons of Ammonia per year.
The agreement was signed by Saad Abou El Maaty, Abu Qir Fertilizers Company Chairman; Hassan Abdel-Alim, Helwan Fertilizer Company