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Ahmed Bahgat’s Benshmark to participate in ammonia factory project

Monday 25 June 2018 02:44 PM

Ahmed Bahgat
Ahmed Bahgat

By Mostafa Talaat:
Benshmark Power International, owned by businessman Ahmed Bahgat, has put forward a proposal to the government to take part in a big project to produce ammonia in Suez.
Sources told Al Mal newspaper that there are negotiations between the project participants, adding that the Ministry of Military Production and the Chemical Industries Holding Company (CIHC) will participate in the project. The share of each party has not been decided on yet. Also, the cost of the project has yet to be estimated.
The new plant aims to produce 1200 tons of ammonia per day, and is built over an area of 328 thousand sq. meters owned by El-Nasr Co. for Fertilizer & Chemical Industries, a subsidiary of CIHC, according to the sources.
There are negotiations to determine shareholding stakes in the project, the sources said, adding that the initial plan includes providing lands by CIHC.
The sources stated that several firms requested to contribute to the project, adding that the financial solvency of these companies and ability to implement are being studied.
The Egyptian Petrochemicals Holding Company (ECHEM) and the Ministry of Military Production are also considering the inauguration of a petrochemical complex on an area of one million square meters in Suez, according to the sources.