Orascom makes further progress on ammonia plant

06 June 2008 17:34  [Source: ICIS news]

ALEXANDRIA, Egypt (ICIS news)--Algerian company Orascom has made further progress towards the completion of a planned 1.2m tonne/year ammonia facility, the company said on Friday.

 

Orascom had signed a financing agreement for the project in late April and had a contract with Uhde of Germany to build the plant, the source said.

 

Half of the product would be used for export and the remainder would be used to produce urea at the site, said the source.

 

Preparatory ground work at the site had started last year, said the source, adding construction was expected to be completed in 2011.

 

The cost of financing the project was put at about €1.5bn, said the source.

 

Orascom had already reached an agreement with Transammonia to take surplus ammonia for export, the source added.

 

($1 = €0.64)

By: Antonella Harrison
+44 20 8652 3214

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