21 February 2008 13:38 [Source: ICIS news]
DUBAI (ICIS news)--Egypt's Orascom Construction Industries (OCI) is to merge its fertilizer operations with those of Dubai-based Abraaj Capital for a combined cash and shares consideration of $1.6bn (€1.1bn), OCI said on Thursday.
Orascom will assume $1.1bn in net debt, it said on Thursday.
EFC owns a 20% stake in Nigeria's Notore Chemical Industries Limited (NCIL).
It operates an ammonia/urea plant ?xml:namespace>
OCI's fertilizer portfolio includes a 30% stake in Egyptian Basic Industries Corp's ammonia plant in Suez and 51% in Sorfert Algeria in partnership with state-owned oil and gas conglomerate Sonatrach.
Sorfert is building north Africa's largest urea/ammonia production complex at Arzew with a capacity of 1.3 million tonnes/year of urea and 800,000 tonnes/year of ammonia.
The production complex is scheduled for commissioning during end 2010.
($1 = €0.68)
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