Aswan project is latest industrial deal for Egypt's largest listed firm (Photo: Reuters)
Egypt's Orascom Construction Industries (OCI) has signed a US$120 million deal with Italy's Maire Tecnimont SpA to build a fertiliser factory in the southern province of Aswan, the company announced on Tuesday.
The country's largest listed firm will supply materials and execute the construction work for the nitrogen-based fertiliser complex which will be run by the Egyptian Chemical Industries Company (KIMA) on completion.
The work, subcontracted from Tecnimont, is valued at around LE700 million ($120m) and will take 33 months to finish, a statement from the company said.
OCI has projects and investments across Europe, the Middle East and North Africa.
In March of this year, OCI and Tecnimont announced a partnership to explore potential fertiliser opportunities in sub-Saharan Africa. The companies are also collaborating on industrial facilities in Ruwais, Abu Dhabi.
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