Photo courtesy of Egypt's cabinet
Deputy Prime Minister for Economic Affairs Hussein Issa attended the ceremony.
Founded in 1993, Trafigura Group is a Singapore‑based multinational commodities trader with major hubs in Geneva, Houston, Montevideo, and Mumbai. The company specializes in trading base metals and energy.
The agreement was signed by Mohamed El‑Saadawi, executive managing director of Metallurgical Industries Holding Company; Mahmoud Agour, managing director of Egyptalum; and Gonzalo de Olazábal, president of Trafigura Limited.
Madbouly said the deal reflects Egypt’s push to deepen local manufacturing, strengthen strategic industries, and maximize returns from existing assets, while improving efficiency and expanding into foreign markets in partnership with the private sector.
Issa noted the project will establish an integrated industrial complex at Egyptalum’s current site, adding new capacity equal to the company’s existing output of 300,000 tons annually. The expansion is expected to nearly double total production to 600,000 tons per year, supported by Trafigura’s entry as a foreign partner.
Agour said the investment cost is estimated at $750–900 million, highlighting its scale and impact on Upper Egypt’s development. Financing will combine equity contributions and international loans, with EFG Hermes acting as financial advisor. Trafigura will secure raw material supplies, including alumina, and long‑term sales contracts to stabilize cash flows.
The project will be executed under Engineering, Procurement, and Construction (EPC) turnkey contracts with global technology providers, leveraging existing infrastructure and skilled workforce at Nag Hammadi. Agour stressed that governance frameworks and shareholder agreements will ensure best practices, while the project is expected to create jobs, boost exports, and strengthen Egypt’s foreign currency inflows.
He added that the expansion aligns with Egypt’s sustainability agenda by adopting modern technologies to improve energy efficiency and reduce emissions, enhancing competitiveness in global markets.
Agour concluded that the project represents a comprehensive vision to build a strong industrial base capable of competing regionally and internationally, positioning Egypt as a hub for aluminium production and attracting further investment to the sector.
This deal comes as part of a wider push to upgrade heavy industry, attract export-oriented capital, and make better use of existing public assets in Upper Egypt. The project also fits a broader industrial policy moment in which the government is trying to expand local production while securing foreign partners that can bring financing, feedstock, and market access.
Aluminium is energy-intensive, export-sensitive, and closely tied to foreign currency earnings, making it strategically important for Egypt’s industrial and external accounts. The project also builds on existing infrastructure and an established workforce at Egyptalum, which lowers execution risk compared with a greenfield plant.
Short link: