The Chemical Holding Company chose American company EPC as a general contractor for the Kima 2 development project, according to sources who spoke with Daily News Egypt (DNE) on Tuesday.
The sources said that the selected contractor will provide the necessary financing for the project, which has not yet been agreed upon.
The previous dispute between the Italian contractor Technoment and Egyptian Chemical Industries Kima led to rethinking the assignment of the development process to a new contractor.
The sources added that the company is awaiting the start of work on Kima 2 after the decision of the Dispute Resolution Committee regarding the dispute between the company and Technoment, which is expected to be issued during the coming period, suggesting that work on the development will start before the end of this year.
The company is also awaiting the approval of the Investment Contracts Dispute Settlement Committee at the Ministry of Justice of an amicable settlement agreement with Technoment regarding the ammonia and urea project to start the legal procedures required for its approval.
A dispute arose between the two companies regarding compensation and exchange rate differences.
The sources also pointed out that the new project includes the installation of a new nitric acid unit and the installation of a new nitrate fertiliser production unit in accordance with the conditions of the Ministry of Environment, which contributes to completely eliminating any pollutants or polluting emissions to the environment, adding that the company plans to start implementing it early next year.