Chemical Holding to complete trial operations of KIMA2 by Q2 2019

Chemical Industries Holding Co. is set to complete the pilot operation of KIMA 2 in order to inaugurate the project during the second quarter of 2019, Emad Mostafa – the company’s Chairman.

K KIMA 2 is a facility for fertilizer manufacturing that is being built at the existing site of the company’s Aswan fertilizer complex with total investments worth 11.6 billion Egyptian pounds, he added.

Mostafa told Amwal Al Ghad that the facility is expected to reach 1,200 tons of ammonia and 1,570 tons of urea per day. In addition, the project is expected to achieve revenues of 1.841 billion Egyptian pounds during fiscal year 2018/201, creating thousands of direct and indirect job opportunities.

Mostafa also referred to the recent agreement with banks to raise their finance participation in the project to 61.8 percent instead of 51.2 percent.

The banks include the National Bank of Egypt (NBE), Banque Misr, Arab African Bank, Banque Du Caire, Egyptian Arab Land Bank and Blom bank.

The Egyptian Chemical Industries, known as KIMA, is affiliated to the Chemical Industries Holding Company, producing nitrogenous fertilizers and chemicals, including hydrogen and ammonia.

KIMA is listed on the Egyptian Exchange since August 1995 and operates within the materials sector, focusing on diversified chemicals.

It has two subsidiaries in Egypt working on agricultural products and diversified chemicals. KIMA is based in Aswan and was established in January 1956.