Subsidiary of Emirati ADQ interested in buying 25% of Kima

Subsidiary of Emirati ADQ interested in buying 25% of Kima

Egypt - Informed government sources told Daily News Egypt that a subsidiary of ADQ Holding, one of the sovereign investment funds in Abu Dhabi, was interested in purchasing a stake ranging between 20-25% of the Egyptian Chemical Industries Company (Kima).

The sources added that the option of selling a share of the fertilizer industry company is among the financing alternatives offered to provide financing for the second phase of the Kima 2 project.

The sources expect the second phase of Kima 2 project to be completed in the next three years, with investments amounting to $297m. The award order would be issued this week to implement the nitric acid and ammonium nitrate project, with a production capacity of 600 tonnes of acid per day and 665 tonnes of ammonium nitrate for industrial purposes.

The board of directors of Kima approved the offer submitted by the Italian company, Technomont, last week to launch the project.

The project aims to produce ammonia and urea with natural gas instead of electrolysis of water to rationalize energy consumption, improve product quality with the addition of new products, and increase production capacity to meet the needs of the Egyptian market and export abroad.

The sources indicated that the company negotiated