KIMA’s board nods to dispute settlement with Italy’s Maire Tecnimont over ammonia plant
Updated 6/1/2022 10:12:00 AM
Arab Finance: The board of directors of Egyptian Chemical Industries (KIMA) (EGCH) has approved the settlement agreement with the Italian engineering company Maire Tecnimont to end the ongoing dispute regarding the ammonia and urea project, according to a statement filed to the Egyptian Exchange (EGX) on June 1st.
Accordingly, the dispute resolution committee at the Ministry of Justice will initiate the necessary legal procedures to endorse the dispute settlement agreement, which is yet to be approved by the Cabinet.
Moreover, the board agreed to extend the operation and maintenance term of the ammonia and urea plant with Maire Tecnimont for two months until June 25th.
On March 3rd 2021, KIMA announced the resumption of the experimental operation of the ammonia and urea project, provided that Maire Tecnimont would afford all the costs of maintenance. No further updates concerning the project were revealed since.
KIMA is an Egypt-based nitrogen-based fertilizers manufacturing leader and is engaged in the agricultural chemicals industry.
The company produces and distributes various products, including urea, ammonium nitrate, ferrosilicon alloy, liquid ammonium nitrate fertilizer, prill ammonium nitrate fertilizer, liquid ammonia, aqua-ammonia, nitric acid, hydrochloric acid, and silica fume.
