Misr Phosphate Company, the Chinese State Construction Engineering Corporation (CSCEC), and Chinese Wengfu Group signed a deal to establish a phosphate acid production complex in Abu Tartur area in El Wadi El Gedid governorate, with $824 million, according to a press release.

The total investment cost of the project is worth $1 billion, producing one million ton of phosphoric acid per year. It will be held in Abu Tartur Mining on 560,000 cube meters.

Another long-term contract was signed between Phosphate Misr and Wengfu for selling 500,000 ton per year.

The signatures ceremony was attended by the Chinese Ambassador in Egypt, Liao Liqiang, Khaled Al Ghazaly the head of Phosphate Misr company and several number of Egyptian and Chinese officials, in the presence of the Minister of Petroleum and Mineral Resources, Tarek El Molla,

El Molla said that this project aims at achieving the greatest benefits from the Phosphate in Abu Tartur, which comes in line with vision of the President Abdel-Fattah Al Sisi for attracting investments in the mining sector and rise its contribution in the gross domestic product (GDP).

Additionally, Al Ghazaly indicated that all the project’s studies have been completed. The project will involve several productive units. It includes sulfuric acid production unit, phosphoric acid production, and concentration unit and acid purification unit.