Egyptian government, sovereign fund to partner with BPI to launch green ammonia plant in October

Fatma Salah
2 Min Read

The Chemical Industries Holding Company (CIHC), the Sovereign Fund of Egypt (TSFE), and the Ministry of Electricity are expected to sign a partnership agreement with Benchmark Power International (BPI), to launch a green ammonia plant before the end of this month, according to sources.

The sources added that an agreement is currently underway to determine the size of each party’s contribution to the project. They pointed out that the initial agreed investment of the project amounted to about $750m, and is expected to increase to EGP 1bn, with a capacity of 1,000 tonnes/ day.

Meanwhile, a green hydrogen unit is also expected to be launched at the factory of El-Nasr for Fertilizers and Chemical Industries Company (SEMADCO) in Suez. The production of this unit will be export-oriented.

Moreover, the Ministry of Public Enterprise Sector said in a statement on Tuesday that it is currently evaluating the technical condition of the ammonia and urea plants in the El Delta Company for Fertilizers, in cooperation with international companies.

The CIHC aims to achieve total revenues of EGP 26.5bn, a consolidated net profit of EGP 4.9bn, and exports of EGP 3bn, with a growth rate of 126% in 2022/23 compared to 2021/2022.

The Extraordinary General Assembly of CIHC approved increasing the authorized capital of the holding company from EGP 5bn to EGP 8bn, and increasing the issued and paid-in capital from EGP 5bn to EGP 6.5bn.

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