Egypt’s Chemical Holding to open KIMA 2 in Aswan next July

Egypt’s Chemical Industries Holding Company (CIHC) plans to inaugurate KIMA 2 project in Upper Egyptian governorate of Aswan next July, its chairman Emad Eldin Moustafa on Tuesday.

The project will be with investments estimated at around 11.6 billion Egyptian pounds ($670.6 million), Moustafa added.

In April 2018, Egyptian Ministry of Public Enterprises signed an agreement with banks to raise their finance participation in the project to 61.8 percent instead of 51.8 percent.

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

KIMA 2 is a facility for fertilizer manufacturing that is being built at the existing site of the company’s Aswan fertilizer complex, at a cost of 11.6 billion pounds.

Production from the facility is expected to reach 1,200 tonnes of ammonia and 1,600 tonnes of urea daily.

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

Established in 1956, KIMA is one of the major national investment project that aims to provide direct and indirect job opportunities, with expected revenues of 1.841 billion pounds within the financial year 2018/2019.

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.