Walid Al-Bahnsawi
A prominent official of Elwady Company for Phosphatic Industries, which owns the phosphoric acid project, said that 9 international banks and 3 international financial institutions have expressed their desire to date to participate in the loan of the phosphoric acid project
He explained in a statement to Power News that these banks and institutions offered financing amounting more than $ 850 million, an increase of more than 150 % of the required loan of $ 550 million.
The official pointed out that at the end of January, the offers will be evaluated through the company’s financial advisor, Intesa sanpaolo (Bank of Alexandria)
The official noted that 3 international companies have expressed their desire to buy 500 ktons of the phosphoric acid product after the completion of the establishment of the factory after the while Chinese company Wang-Fu signed on the sidelines of the signing of the contract to set up the factory a few days ago a contract to purchase 250 ktons of the project product which represent 150% of the total annual production.
It is worth to mention that Wang-Fu is the world’s third largest producer of phosphoric acid and he explained that the three companies that addressed Elwady to the phosphate industries to buy 500 ktons of the product are European Ameroba, Indian Agrifield and European Hleiopotas.
Eng. Tariq Al Mulla, Minister of Petroleum and Mineral Resources, Major General Mohamed Zamalout, Governor of the New Valley, and the Chinese Ambassador to Cairo, Liao Li Chang, have witnessed a few days ago the signing of a contract for the construction of a phosphoric acid manufacturing complex in the Abu Tartour Plateau in the New Valley Governorate at a cost of about $ 842 million with a company Egypt Phosphate and the Chinese Alliance (CSCEC / WENGFU) consisting of the Chinese Construction Engineering Company and “Wang-fu Co. Ltd”. which has global experience in this field, and the total investment cost of the project is almost one billion dollars with a production capacity of about one million tons annually to produce phosphoric acid (54% concentration) which is considered The basic material in the manufacture of simple and compound phosphate fertilizers and it will be established within the scope of the Abu Tartour mine on an area of 560 thousand square meters and a storage area of 3 million square meters, and it follows Elwady Phosphate and Fertilizer Industries Company, which will undertake the development, construction, management and operation of the complex.
A long-term sale contract for a phosphoric acid product of about 500,000 tons annually (54% concentration) , equivalent to half of the expected amount of the project, was signed with the Chinese company WENGFU (one of the parties of the Chinese Alliance, which is one of the largest producers of phosphate industries in the world.
