Abu Qir Fertilizers announced the establishment of North Abu Qir for Agricultural Nutrients Company, with an authorised capital of EGP 10 billion and paid-up capital of EGP 1 billion.

Tarek El-Molla, Egypt’s Minister of Petroleum and Mineral Resources, chaired the founding assembly of the new company, according to a bourse disclosure.

Both Abu Qir Fertilizers and Egyptian General Petroleum Corporation (EGPC) will hold a 45% stake in the venture. Meanwhile, the Egyptian Holding Company for Petrochemicals will own the remaining 10% equity.

On a daily basis, North Abu Qir for Agricultural Nutrients will produce 1,200 tons of ammonia, 1,830 tons of nitric acid, and 2,400 tons of ammonium nitrate.

During the first nine months (9M) of fiscal year (FY) 2022/2023, the EGX-listed firm generated EGP 12.95 billion in net profit after tax, higher by 86.07% than EGP 6.96 billion in 9M-22/23.