Arab Potash Co. (APC) has agreed to increase its potash exports to Egypt’s specialty fertilizer producer Evergrow to 300,000 mt in 2022, according to a Bloomberg report, citing Jordan’s state-run Petra news agency. APC currently exports some 180,000 mt/y of potash to the Egyptian company.
The agreement was inked on June 6 during a visit to Jordan by Evergrow Group Board members led by Chairman Mohamed El Kheshen, and follows the securing of a $400 million loan by the Egyptian company. The loan was signed with a syndicate of 12 banks, led by Mashreq Bank Dubai and the National Bank of Egypt, the Egyptian company reported on its website.
Evergrow will use some $74 million from the loan to finance the construction of the third phase of the company’s fertilizer plant in Sadat City – scheduled to be completed within nine months – where the increased potash volumes will be used. Evergrow’s specialty products include sulfate of potash products.
The remaining $326 million of the loan will be allocated restructure previous debts Evergrow owes to the same banks.
According to a report by The Jordan Times newspaper, also citing Petra ,the Egyptian company hopes to enhance its partnership with APC through the establishment of joint ventures in the near future to cover the nitrogen needs of Jordan’s major fertilizer companies.