Air Supply to invest EGP 250 million in Egypt’s KIMA for industrial gas production
Air Supply Group is set to sign on Tuesday with the Egyptian Chemical Industries (KIMA) gas off take agreement.
The deal will see Air Supply build, own, and operate (BOO) Air Separation Units (ASUs) producing industrial and medical gases at KIMA Company’s premises in Aswan.
The deal will also see expected investments in the projects amounting to 250 million Egyptian pounds ($15.9 million), said Ahmed Mostafa, chairman of Air Supply Group, in a statement.
Mostafa pointed out that the deal is the first of its type between the private sector and KIMA.
The company will supply KIMA with industrial gases for the production of ammonium nitrate and other petrochemical products, he added.
The project will serve all upper Egypt’s industrial and healthcare sectors and will be an addition to the country’s global medical oxygen production, and strategic stock, to cover COVID patients’ needs nationwide.
Egyptian Prime Minister Mostafa Madbouli, Minister of Public Business Sector Hesham Tawfik, Environment Minister Yasmin Fouad, Petroleum Minister Tarek El Molla, Trade and Industry Minister Nevine Gamea, Acting Health Minister Khaled Abdel Ghaffar, in addition to Emad El-Din Mostafa, chairman of the Chemical Industries Holding Company, will attend the signing ceremony.
Egypt has recently provided unprecedented support for the private sector in investing in many industrial sectors, especially petrochemicals and fertilisers, and the production of industrial and medical gases, Mostafa said.
