Egyptian firms sign final contracts with Chinese consortium to build chemical plant

Several Egyptian companies signed on Sunday final contracts with a Chinese consortium comprising China State Engineering Corp and East China Engineering Science and Technology Company to build a phosphoric acid plant in Egypt's New Valley area.

The plant, which has an investment value of US$658 million, will have the capacity to produce 250,000 tons of concentrated phosphoric acid in the first phase of the project, Egypt's petroleum ministry said in a statement.

Egyptian participants in the project include leading fertilizer producer, Abu Qir Fertilizers, state-owned Misr Phosphate and others.

(Reuters)