January 29, 2010

Egypt's OCI allocates US$200 million for fertiliser projects

Orascom Construction Industries (OCI), Egypt's biggest listed builder, has allocated about US$200 million for fertiliser production lines and other initiatives.

The money has been allocated for a urea ammonium nitrate production line, an ammonium sulphate line and the expansion and upgrade of existing urea production capacity in Egypt, investor relations manager Omar Darwazah said.

OCI, which lists its shares in Cairo and London, has interests in construction and fertiliser production. Many analysts predict it will do well this year as fertiliser prices continue to rise.

The firm is also considering bidding for Copebras, a Brazilian fertiliser maker owned by Anglo-American, and licences to produce fertiliser in India, chief executive Nassef Sawiris said.