26 November 2010 16:49 [Source: ICIS news]
LONDON (ICIS)--Egypt Hydrocarbon Corp (EHC) has concluded financing and begun work on a new chemical complex in the Suez region, which will include nitric acid and ammonium nitrate (AN) facilities, a company source said on Friday.
The plants are expected to produce 925 tonnes/day of nitric acid which will be further processed to produce 1,060 tonnes/day of low density AN.
They will require 170,000 tonnes/year of ammonia feedstock, which was expected to be purchased from the local market, the source said.
The facility was scheduled to start up in 2013, he added.
EHC, an affiliate of Carbon Holdings, signed for a $298m (€224m) loan facility to finance the complex. The lead arrangers for the loan facility are Commercial Bank International (Egypt), Banque Misr and Ahli United Bank.
The engineering, procurement and construction contract and technology licenses have been executed with German engineering firm Uhde.
($1 = €0.75)
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