The Egyptian Nitrogen Products Company (ENPC), a joint venture of Canadian fertilizer producer Agrium, has secured more than $1 billion to triple production at a nitrogen facility in Damietta.

The $1.05 billion, the largest financing underwritten by Egyptian led banks, will be used to expand the second and third phases of production at the facility.

The facility is operated by ENPC, a wholly owned subsidiary of MISR Fertilizer Production Company. Agrium owns a 26 per cent equity interest in the facility.

The expansion is expected to be completed by the first half of 2012.

Total annual production at the site will be 1.95 million tonnes of urea and 150,000 net tonnes of ammonia, with Agrium's share amounting to 507,000 tonnes of urea and 39,000 tonnes of ammonia. – Reuters