Egyptian President Abdel Fattah al-Sisi launched Sunday Mopco fertilizers complex in Damietta that was built with investments estimated at US$1.960 billion on a space of 400,000 square meters.
Mopco is the largest project for producing urea with the capacity of 2 million tonnes in addition to 120,000 tonnes of ammonia annually, an official at petroleum sector stated.
The source added that $1.5 billion of project’s total cost have been provided as a loan from 22 local and foreign banks.
According to the source, the Egyptian participation in Mopco complex is estimated at 70 percent; Egyptian Petrochemicals Holding Company- ECHEM (30.75 percent) Egyptian Natural Gas Holding Company- EGAS (7.62 percent), Egyptian Natural Gas Company-GASCO (5.72 percent), National Investment Bank (12.82 percent), National Bank of Egypt (2.56 percent), Misr Insurance company (4.28 percent), and Naser Social Bank (2.56 percent).
On other side, the U.S.- based Agrium Inc. takes part in the project by 26 percent while Arab Petroleum Investments Corporation- Apicorp participated in it by 3.3 percent, AlAhram reported.
The source clarified that the project is set to boost Egypt’s production of urea fertilizers by 50 percent from 4 million to 6 million per year.
He noted that the average of local consumption of urea is estimated at around 4 million tonnes.