Thursday 09 Jan
Hossam Heiba, CEO of the General Authority for Investment and Free Zones, met with Zeng Yui, Vice President of Asia-Potash Company, to discuss the establishment of a phosphate fertilizer production complex in Egypt. The meeting was attended by Major General Ashraf Ateya, the company's advisor in Egypt, and Yasser Abbass, Deputy CEO of the Authority.
In the initial phase, the company intends to invest $1.6 billion. This investment will be used to explore and extract 2 million tons of phosphate per annum. The extracted phosphate will then be converted into phosphate fertilizers. The company plans to export 100% of this production to neighboring markets.
The total investment across all
project phases is projected to fall within the range of $7 billion to $10
billion. Upon completion, the project's final production capacity is
anticipated to reach 10 million tons of phosphate.
The company intends to establish
the industrial complex and extract phosphate from the region spanning west of
Isna city in Luxor Governorate in the north to Sebaia city in Aswan Governorate
in the south. The first phase of the project is expected to be finalized within
18 months from the commencement of construction. Exports will be facilitated
through the Safaga port.
Heiba emphasized that the company
is eligible for numerous investment incentives due to its alignment with
Egypt's sustainable development goals. The project will localize advanced
extraction and manufacturing technologies and create 3,000 direct jobs in the
first phase. All production is earmarked for export, boosting Egypt's foreign
exchange reserves. The company prioritizes corporate social responsibility,
demonstrated by its past investments in education, infrastructure, and local
agricultural development surrounding previous global projects.
Zeng Yui, Vice President of Asia-Potash, highlighted the growing interest of Chinese institutions in partnering with Egypt and investing in high-value ventures within its attractive investment climate. He noted plans to collaborate with upcoming green ammonia production projects in Egypt to supply the fertilizer complex with renewable energy, aligning with the company's commitment to environmentally friendly fertilizer production.
