Agrium To Build Egyptian Nitrogen Facility
7 May 2007 “This is an outstanding opportunity for Agrium to construct and operate a facility in an area with long-term, competitively priced gas, prime access to world markets, and an efficient, well-educated workforce,” said Mike Wilson, Agrium president and CEO.
Agrium will have a 60% interest in the EAgrium joint venture. Egyptian government owned entities EChem and EGAS will hold a 24% interest in the joint venture, and GASCO, the national operator of the gas distribution grid, will hold a 9% interest. The remaining 7% will be owned by The Arab Petroleum Investment Corporation (APICORP). Agrium will be the exclusive marketer of the nitrogen products exported from the facility.
The first train is expected to be complete in the first half of 2010, and the second to be complete by the end of 2010. The construction cost of the facility and related infrastructure is forecast to be approximately US $1.2 billion.
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