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FINANCIAL NEWS
Egypt’s OCI plans to set up USD1.4b fertilizer plant in US
06 Sep 2012
(MENAFN) Egypt’s Orascom Construction Industries (OCI) unveiled plans to build a USD1.4 billion fertilizer plant in Iowa State, US, Reuters reported.
OCI seeks to benefit from the sharp decline in US natural gas price, and the fact that the US is a dependant of fertilizer imports.
The plant, which is scheduled to complete by mid-2015, is poised to produce between 1.5 and 2 million metric tons of products including ammonia, urea and urea ammonium nitrate annually, the company said.
OCI said it will finance the plant project, located in the main US corn-growing region, using equity and bonds.
The plant will use technology from Kellogg Brown and Root, Maire Tecnimont and ThyssenKrupp, OCI added.
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