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"Kima" approves amicable settlement with Italy's Technemont regarding the ammonia and urea project

The board of directors of the Egyptian Chemical Industries Company - Kima, approved an amicable settlement agreement to end all existing disputes regarding the ammonia and urea project, which was signed on May 11 with the Italian company Technimont.

The company said in a statement to the Egyptian Stock Exchange, today, Wednesday, that the agreement will be sent to the Investment Contracts Dispute Resolution Committee at the Ministry of Justice to begin the legal procedures required for approval.

The Board of Directors also decided to extend the term of operation and maintenance services for the ammonia and urea plant with the Italian company Technimont for a period of two months until June 25, from the date of its expiry date on April 25.