Misr Phosphate Company has authorised capital of $100m for the new Abo Tartor Phosphoric Acid Project, Misr Phosphate Company Chairperson Khaled El Ghazaly has revealed.

The company, which recently gained cabinet approval, now has a total investments worth $1bn in the project, which is located in the New Valley Governorate.   

A total of 65% of the investments would be funded by debt, with 35% coming through equity. The project is now awaiting formal approval from the General Authority for Investment and Free Zones (GAFI) to commence the 30-month construction period, which is expected to start in June 2020.

Egypt’s Minister of Petroleum Tarek El-Molla had previously signed a contract for the construction of the phosphoric acid manufacturing complex with a Chinese consortium.

Naeem Research anticipates that new  from a coverage point of view, this the new phosphoric acid project is good news for Abu Qir Fertilizers, as the company would own 10% of the project.