In order to pay the advance payment for the component in pounds and dollars to the Italian company Tecnomont for the nitric acid and ammonium nitrate project.
The payment is in implementation of the decision of the Extraordinary General Assembly held on October 12, 2023.
The Extraordinary General Assembly approved the final price for the nitric acid and ammonium nitrate project, negotiated with representatives of Technomont, and payment of the advance payment.
This came after the Board of Directors of the Egyptian Chemical Industries Company - KIMA approved the offer submitted by the Italian company Technomont to implement a nitric acid and ammonium nitrate project with a production capacity of 600 tons/day of acid and 665 tons/day of ammonium nitrate (fertilizer - pure for industrial purposes).
The total value of the project amounted to 297 million dollars (1.6 billion pounds and 245 million dollars) in a turnkey system, with the award order being issued during the current week.