ASMEDA to sign USD 600 million plants upgrade contract with Tecnimont

Delta Fertilizers and Chemicals Industries, the Egyptian state owned company, is expected to sign USD 600 million contract next week to upgrade its plant in Talkha City north of Cairo.

The company is studying bids from 4 international companies Italy based Tecnimont and Saipem, Germany based ThyssenKrupp Uhde and Korea's Samsung Fine Chemical. State owned companies in Egypt especially those in the chemicals and fertilizers industry are leading the charge in investing large amounts for expansion and upgrades of manufacturing facilities.

On October 30th 2011 the Egyptian Chemical Industries Company signed USD 560 million contracts with Tecnimont to upgrade its urea plant.

According to the source, ASMEDA is currently in the process of evaluating the bids and will 'likely sign the contract next week. ASMEDA produces chemical fertilizers. It has a paid up capital of EGP 130 million.