Ahmed Mahmoud, the Chairman and Managing Director of Misr Fertilizers Production Company (MOPCO), has announced that the company produced 138% of the targeted production plan of ammonia and produced urea of 943,000 tons which is 100% of the target.

This came during the general assembly meeting of the company held in attendance of the Minister of Petroleum and Mineral Resources Karim Badawi and other petroleum officials.

Mahmoud elaborated that MOPCO meets 30% of the urea markets needs and 60% of the ammonia market needs in addition exporting the urea to the outside markets, including Europe followed by the Americas and Asia.

He also explained the company’s plan for the coming three years which includes new green economic projects, introducing new products and forging partnerships with promising returns. Additionally, the chairman mentioned MOPCO’s progresses during 2024 involving the completion of the company’s latest production unit which adds a new product with a capacity of 20,000 tons annually of Adblue from a 32.5% urea solution and exporting the first shipment of this product to European markets in a quantity of 36 tons, at a price of $195/ton, achieving a 200% increase in the export price of a ton of urea.

Within the framework of the new operation plan, Mahmoud reviewed the stages of establishing the company’s two new projects, which are the green ammonia production project with a capacity of 150,000 tons annually in cooperation the Norwegian company SCATEC as well as a project to produce melamine with a capacity of 42,000 tons annually, for which a detailed feasibility study has been completed, and negotiations are underway to sign an agreement for promoting 30,000 tons.

He pointed out the importance of the project to develop and raise the efficiency of the company’s current plants with the aim of increasing the production of ammonia and urea in the same quantities of natural gas by raising the efficiency of equipment and optimum utilization of energy, in addition to the project of establishing a unit for carbon dioxide recovery to comply with the requirements of CBAM and the European market.

Mahmoud indicated that the company is studying entering as a partner in a number of projects with economic returns, including silicon and soda ash production projects in New Alamein, the Suez Methanol Derivatives Company in Damietta, and the natural gas pipelines plant for Egyptian Natural Gas Holding Company (EGAS).

For his part, Badawi stressed the importance of implementing the expansion plan for MOPCO, which includes a number of new projects, the most important of which is the emissions reduction project, which represents a positive development in the field of green production and aims to maximize the company’s competitiveness in exporting its production to Europe.

The minister affirmed the Ministry’s full support for these projects and their implementation work, thanking the management of MOPCO and the work team for the efforts made to reach these positive developments.

During the meeting, MOPCO approved the Board of Directors’ proposal to distribute cash dividends to the company’s shareholders at EGP 3.75 per share.