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SEMADCO received 3 bids for setting up a new Ammonia plant


Cairo: El-Nasr Co. for Fertilizers & Chemical Industries ( SEMADCO) received three bids to set up a plant for producing Ammonia at USD140mln investments over 1mln sqm plot of land owned by the company.
" SEMADCO is holding talks with the bidders, as the Holding Company for Chemical Industries is one of the bidders," said Walid El-Rashidi, deputy chairman of HCCI, the parent company of SEMADCO.
The negotiations are tackling how to evaluate the project land, as some companies request the land be evaluated on the usufruct basis, whereas SEMADCO insists on the ownership basis alongside handling the land as an in-kind stake in the project, he continued.
With the aim of ramping up their returns, HCCI seeks to upgrade the existing fertilizers plants and add up new production lines.
The dream of building a new fertilizers plant dates back to August 2014 when the then Minister of Investment Ashraf Salman announced that the government okayed setting the plant at 1200 tonne capacity per day.

Time Added: 2018-09-13 15:09:47
Source: arabfinance
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