Misr Company for Oil Industries MOPCO Suez plans to carry out a new project to produce aromatic fertilizer and petrochemical products in Ain Sukhnan at a total cost of $2bn.

Three banking institutions namely Commercial International Bank (CIB), QNB and Arab African International Bank (AAIB) has submitted offers to participate in financing the project.

MOPCO’s shareholders will provide 30% of the new project’s financing, and the remainder will be secured via banks, according to sources.

The sources told Al Mal newspaper that 3 banks including CIB, QNB and AAIB, as well as other banking institutions put forward proposals to contribute to financing the new project, adding the offers are being evaluated to choose the best one.

Through appointing a global consulting firm or using banks that will participate in financing the new project, a detailed study on the new project will be carried out.

MOPCO Suez has filed a lawsuit against the Canadian Agrium as the latter has rejected to exit from the shareholding of MOPCO Damietta.

MOPCO Suez is capitalized at EGP 198mn, and it cannot undertake its activity before the exit of Canada’s Agrium.

Source: Al Mal