ThyssenKrupp Industrial Solutions in Egypt is investing €133 million ($156 million) to expand and develop the machinery of Abu Qir Fertilizers, a report said.
The project will start by the beginning of the next year, and the contracts will be concluded soon, Thore Lohmann, country CEO of ThyssenKrupp Egypt was quoted as saying by Daily News Egypt.
Abu Qir Fertilizers has announced earlier that two acid and nitrate units had been established with a capacity of 600 tonnes per day, according to the report. The company has achieved profits of EGP2.23 billion ($132 million) in the last fiscal year, which ended in June, compared to EGP1.02 billion in the one before last.
Lohmann added that ThyssenKrupp was negotiating with other fertiliser companies to implement expansion and development of equipment, adding that other contracts would be concluded in the first quarter of the next year.