FACT signs MoI to set up ammonia-urea complex in Egypt

Kochi, Aug 10 (UNI) The Fertilisers and Chemicals Travancore Limited (FACT) today signed a Memorandum of Intent with Adi Establishment of Syria for a joint venture to set up a 2000-crore ammonia-urea complex in Egypt.

A FACT release said the Intent states the basic intentions and the split of responsibilities of both the parties and will form the basis for proceeding further with the proposal.

FACT may have equity participation to the extent of 50 per cent in the project, the details of which would be decided shortly, the release added.

The proposed complex with Ammonia plant, Urea plant and all the associated facilities will have an annual production capacity in the range of 7 lakh to 10 lakh tonnes of Urea, the release said.

After getting the required approvals from the Board of Directors of FACT and the government of India, the final Memorandum of Understanding between FACT and Adi will be signed, the release added.

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