Maire Tecnimont announced that following the contract award announced last June for a nitric acid and ammonium nitrate plant project by KIMA, Egyptian Chemical Industries Company has received advance payment and authorization to start engineering work.
Notice to proceed for Engineering Procurement and Construction (EPC) activities is expected by the end of June 2024. The EPC contract was awarded to a consortium led by Tecnimont for a total value of USD300 million, of which Tecnimont is responsible for approximately USD220 million.
“The plant will replace existing units for ammonium nitrate production, significantly reducing current greenhouse gas emissions through state-of-the-art abatement systems that will improve overall energy efficiency and environmental standards,” the company memo reads.
Maire Tecnimont closed Thursday’s session in the red by 0.4 percent to EUR4.94 per share