Egyptian Chemical Industries (Kima) (EGCH.CA) said on Tuesday Italy’s Maire Tecnimont is not planning for international arbitration.
Kima’s Chairman Eid Mohammed Abdullah stated that Tecnimont threatened to resort to arbitration after it faced bank hurdles in the last three years. However, the Egyptian government interfered and contacted the banks and the Italian embassy until the problem was over.
Kima added that it recently announced the disbursement of the down payment to the Italian firm in US dollars and Egyptian pounds.
The company will offer bids to international companies to execute the project of rehabilitating of the end sections in the factory which will be operational at the same time of the of Ammonia and Urea plant.