News

Engineer Karim Badawi, the Minister of Petroleum and Mineral Resources, attended via video conference the Ordinary General Assembly of Misr Fertilizers Production Company (MOPCO). The meeting was chaired by Engineer Ahmed Mahmoud, the Chairman of the company, and attended by Engineer Ibrahim Meki, Chairman of the Egyptian Petrochemicals Holding Company (ECHEM), Engineer Yasser Mohamed, Chairman of the Egyptian Natural Gas Holding Company (EGAS), representatives of the shareholders including the Saudi Egyptian Investment Company, Alfa Oryx Limited, and the Arab Petroleum Investments Corporation (APICORP), as well as public shareholders. Also in attendance were Accountant Ashraf Abdullah, Assistant Minister for Financial and Economic Affairs, Engineer Hassanein Mohamed, Head of the Central Administration of the Minister’s Office, and Accountant Mohamed Ragheb, First Undersecretary of the Ministry at the Central Auditing Organization. During the meeting, Engineer Karim Badawi, the Minister of Petroleum and Mineral Resources, emphasized the importance of implementing MOPCO's expansion plan, which includes several new projects. Among the most significant is the emissions reduction project, which represents positive progress in green production and aims to enhance the company’s competitiveness in exporting its products to Europe. He highlighted that entering the field of green ammonia production through the new project with the Norwegian company Scatec will open new markets for the company in the near future. The Minister affirmed the Ministry’s full support for these projects and their implementation, thanking MOPCO’s management and the team of employees for their efforts in achieving these positive developments. Engineer Ahmed Mahmoud, Chairman of MOPCO, explained in his speech that the company meets nearly 30% of the local market’s urea fertilizer needs and 60% of ammonia, in addition to exporting to international markets, with Europe being the primary market for urea, followed by the Americas and then Asia. He noted the company’s success in achieving its targeted production plan in the first half of 2024, and the sales plan was met at 100% for urea, totaling 943,000 tons, and 138% for ammonia sales. The Chairman of MOPCO presented the work plan for the next three years, which includes new projects focused on the green economy, in line with the main pillars of the plan. These pillars include reducing the carbon footprint by upgrading the company’s plants and transitioning to green operations, adding new products, and entering into partnerships with suitable economic returns. He noted that MOPCO successfully completed this year its newest production unit, which adds a new product with an annual capacity of 20,000 tons of AdBlue from 32.5% urea solution. Global demand for this product is increasing to reduce harmful emissions from diesel engines. The company was able to export the first shipment of this product to European markets, totaling 36 tons at a price of $195 per ton, achieving a 200% increase in the export price of urea. As part of the new work plan, Mahmoud reviewed the progress on the company’s two new projects: the green ammonia production project with an annual capacity of 150,000 tons in partnership with the Norwegian company Scatec, for which the shareholders' agreement and the main principles agreement were signed with major global companies for the purchase and marketing of green ammonia, represented by the Norwegian company Yara. Additionally, the melamine production project with an annual capacity of 42,000 tons has completed its detailed feasibility study, and negotiations are underway to sign an agreement to market 30,000 tons. He also highlighted the importance of the project to upgrade and enhance the efficiency of the company’s existing plants to increase the production of ammonia and urea using the same quantities of natural gas by improving equipment efficiency and optimizing energy use. Moreover, the project to establish a carbon dioxide recovery unit to comply with CBAM requirements and the European market was discussed. He mentioned that the company is considering entering as a partner in several other economically beneficial projects, including silicon production, soda ash production in New Alamein, methanol derivatives production in Damietta, and a natural gas pipeline manufacturing plant for EGAS. The Ordinary General Assembly of Misr Fertilizers Production Company (MOPCO) approved the Board of Directors' proposal to distribute cash dividends to the company's shareholders at a rate of 3.75 EGP per share.