OCI earmarks $200m for fertiliser projects
Cairo, January 27, 2010
Orascom Construction Industries (OCI), Egypt's biggest listed builder, has earmarked about $200 million for fertiliser production lines and other initiatives, an executive said on Wednesday.
The money has been allocated for a urea ammonium nitrate production line, an ammonium sulphate line and the expansion and upgrade of existing urea production capacity in Egypt, Investor Relations manager Omar Darwazah told Reuters.
Al-Alam al-Youm, an Egyptian daily, had reported that the $200 million would be spent on two new fertiliser factories.
'These initiatives are already under construction,' Darwazah said, clarifying Wednesday's newspaper report.
OCI, which lists its shares in Cairo and London, has interests in construction and fertiliser production. Many analysts predict it will do well this year as fertiliser prices continue to rise.
The firm is also considering bidding for Copebras, a Brazilian fertiliser maker owned by Anglo-American, and licences to produce fertiliser in India, chief executive Nassef Sawiris has said.-Reuters