Cairo-Orascom Construction Industries Inc. (OCI) reported US$105.7 million in net income on consolidated revenues of $827.8 million for the first quarter ending March 31, 2009, compared to the year-ago $197.1 million and $723.8 million, respectively. The first-quarter earnings include OCI’s first-time equity accounting for its investment in the U.S.-based Gavilon Group. OCI said the volatile nitrogen market did not prevent its granular urea plant in Egypt (Egyptian Fertilizers Co.) from operating at full capacity (1.3 million mt/y). OCI noted its recent announcement of plans to expand into ammonium sulfate (GM May 11, p. 12), and said that a new production unit with a capacity of 300,000 mt/y of UAN has been placed on order for its Egyptian facility. OCI also expects to increase EFC’s urea capacity by 100,000 mt/y in the second half of the year. It said it is in initial negotiations for an upgrade of EFC to reach 1.6 million mt/y by 2011. OCIC reports that the new Egypt Basic Industries Corp. greenfield ammonia plant (700,000 mt/y), next to EFC at Sokhna, began production in April. In the meantime, the new Sorfert Algeria project is 60 percent complete. OCI says the full impact of both new greenfield projects will increase nitrogen capacity by 2.7 million mt/y.
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