Agrium’s Egypt venture running at capacity, despite natgas worries

22 February 2013 17:12  [Source: ICIS news]

TORONTO (ICIS)--Agrium’s nitrogen joint-venture in Egypt is currently running at capacity, even though that country’s natural gas supplies remain volatile, an executive of the Canada-based fertilizer major said on Friday.

Agrium holds a 26% stake in Egypt’s MOPCO ammonia/urea complex in Damietta.

“MOPCO is running at capacity and has been for several weeks,” Ron Wilkinson, president of Agrium’s wholesale business, told analysts during Agrium’s 2012 Q4 and yearly results conference call.

But Wilkinson said that Egypt's natural gas supplies were “a little bit day to day right now”.

“We expect that over the coming months there will probably be intermittent reductions, but for the most part we expect [MOPCO] to run at capacity,” he said.

Wilkinson added that a number of industrial producers in Egypt were currently facing natural gas supply curtailments and that a competing fertilizer plant may be down.

Meanwhile, the Egyptian government was taking steps to spur additional gas production, he said.

By: Stefan Baumgarten
+1 713 525 2653

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