OCI Fertilizer
Group
Cairo, Egypt / 5 May 2009, 10:30 AM
OCI Fertilizer Group Adds Ammonium Sulphate to its Fertilizer Product
Portfolio
Orascom Construction Industries (OCI) announced today the signing of a
toll-manufacturing agreement by the OCI Fertilizer Group with the
Egyptian Financial and Industrial Corporation (EFIC) for the production
of ammonium sulphate using ammonia sourced from and exclusively
marketed by OCI in the international export market.
Under the terms of the agreement, OCI will supply up to 78 thousand
tons of ammonia annually which will be processed to produce up to 300
thousand tons of ammonium sulphate per year, to be distributed and sold
exclusively by the OCI Fertilizer Group. The key inputs for ammonium
sulphate are anhydrous ammonia and sulphuric acid which will be
supplied by each respective party at prevailing market prices.
Orascom Construction Industries Chief Executive Officer, Nassef Sawiris
commented, "Given current market prices, this agreement enables OCI to
capture significantly higher returns on its ammonia sales. The
arrangement allows OCI to maximize its returns through tapping
into available premiums on derivative products. OCI shall continue to
widen its fertilizer product base through various expansion and
diversification initiatives."
About OCI Fertilizer Group
The OCI Fertilizer Group has plants based in Egypt capable of producing
a total of 2.0 million tons of nitrogen-based fertilizers annually. The
Group also has an investment in a facility in Nigeria. In 2010 our
fertilizer complex in Algeria in partnership with state-owned Sonatrach
will begin production with a total capacity of 0.8 million tons of
ammonia and 1.2 million tons of urea. With production from Algeria and
the upgrade of our production facilities in Egypt, the OCI Fertilizer
Group will achieve an annual production capacity of 4.65 million
tons of nitrogen-based fertilizers.
For additional information
contact:
For additional information on OCI:
OCI Investor Relations Department:
www.orascomci.com
Omar Darwazah
OCI stock symbols: OCIC.CA / ORCI
Email: omar.darwazah@orascomci.com EY / OCICqL / ORSD
Erika Wakid Orascom Construction Industries
(OCI)
Email: erika.wakid@orascomci.com
Nile City Towers - South Tower
Hassan Badrawi 2005A Corniche El Nil
Director Cairo, Egypt
Tel: +202 2461 1036/0727/0917
Fax: +202 2461 9409
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The company news service from the London Stock Exchange
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