OCI: EFC, EBIC Production Rate 60% Up Amid Gas Pressure Increase

Orascom Construction Industries – OCI – (OCIC.CA) announced on Wednesday that the natural gas pressure increased in the two plants of its subsidiary Egyptian Fertilizers Co. (EFC) and Egyptian Basic Industries Corporation (EBIC), adding that production rate has reached 60%.

On Tuesday, OCI (OCIC.CA) has stopped two fertilizer production lines at its Egyptian Fertilizer Co alongside its Egypt Basic Industries Corporation (EBIC)’s greenfield plants because of gas supply problems. OCI told the Egyptian Exchange (EGX) that the production is expected to be restored to previous levels within seven days.

Egyptian Fertilizer’s two lines together produce about 1.3 million tons of urea per year, investment bank EFG-Hermes said in a research note.