EMRA, East Gas, IMEX Sign Shareholders’ Agreement to Establish New Company

EMRA, East Gas, IMEX Sign Shareholders’ Agreement to Establish New Company

Minister of Petroleum and Mineral Resources Tarek El Molla has witnessed the signing of the shareholders’ agreement to establish a company to maximize the added value of low-concentration phosphate ores between the Egyptian Mineral Resources Authority (EMRA), the East Gas Company, and IMEX International.

El Molla confirmed that this signing comes for an important project that achieves added value by taking advantage of the availability of phosphate ore.

The localization of advanced technology is a strong addition to the mining industry, which is witnessing the implementation of action plans for its development, proper exploitation, and maximizing benefit from it.

Additionally, El Molla noted that the Ministry of Petroleum and Mineral Resources (MoPMR) is keen to accelerate the implementation of the project due to its importance, and that the way is paved for adding many projects in light of the government’s direction to facilitate all investment procedures in projects to maximize added value.

The agreement was signed by Yasser Ramadan, EMRA Chairman; Fekry Youssef, CEO Mining & Managing Director IMEX International, Egypt; and Nabil Hashem, Director of the East Gas Company, in the presence of Mohamed Shoaib, the CEO of East Gas Company.

The Minister witnessed the signing of the contract to implement the project works between the companies East Gas, IMEX, and thyssenkrupp Uhde represented by Joerg Ritzmann, Chief Financial Officer; and SOFRECO, represented by its CEO Gilles Dubuisson.

SOFRECO will undertake the scope of project management consultant work during the various implementation stages.

Meanwhile, thyssenkrupp Uhde is undertaking the implementation of the project due to its extensive experience in the field of fertilizers. The production capacity of the project amounts to 1 million tons of raw materials annually at a total cost of $250 million.

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Sarah Samir 3504 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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