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Negotiations resume between Kima and Tecnemont to implement the new nitric acid project

Negotiations resumed again between Kima Company, one of the major fertilizer manufacturing entities in Egypt, and the Italian company Techmont, to implement the new nitric acid and ammonia nitrate project with investments of about $200 million.

An official at the Holding Company for Chemical Industries told Power News that the Dispute Settlement Committee had recommended the resumption of negotiations, which had reached the stalemate stage and had stopped completely until a settlement of previous accusations, including delaying the old project, and also an emergency problem occurred for the carbon dioxide compressor of the urea production unit, which an impartial report showed Related to the manufacturer, which prompted Techmont to pledge to repair the compressor and extend the warranty period.

The official noted that the negotiations are going well, stressing that, according to the agreement, Teknemont will provide the necessary funding from international bodies and institutions to implement the project, which is expected to take about 24 months.

Last July, Kima achieved the highest price in the world for selling urea