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Under the first phase, the company aims to extract 2mln tons of phosphate annually and convert them into phosphate fertilizers
China-based Asia-Potash International Investment Guangzhou Co plans to establish an industrial complex to produce phosphate fertilizers in Egypt, with investments of $1.6 billion in the first phase, according to an official statement.
Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), discussed the project development plans with the Deputy General Manager of Asia-Potash Zheng Youye.
Under the first phase, the company aims to extract 2 million tons of phosphate annually and convert them into phosphate fertilizers, which will be fully exported to neighboring markets.
Total investments for the projects phases will range from $7 to $10 billion, with its final production capacity reaching 10 million tons of phosphate.
Meanwhile, the industrial complex will be established the complex on the area extending from the west of Esna City in Luxor to Al Sibaiyyah in Aswan. The first phase will be completed within a year and a half from the start of construction, and exports will be implemented through Safaga Port.
Heiba said the Chinese companys investments align with Egypts sustainable development plans to increase foreign exchange earnings.
Asia-Potash will localize advanced technology in the extraction and manufacturing segment, providing 3,000 direct job opportunities within the first phase.
On his part, Youye unveiled the companys plans to cooperate on green ammonia production projects planned to operate in Egypt during the coming years.
These projects will supply energy to the company’s industrial complex, which will achieve its strategy to produce eco-friendly fertilizers. |
