Egypt’s Petroleum and Mineral Resources Ministry has announced the creation of Misr Methanol and Petrochemical, a new $1.6 billion company that will produce 1 million mt/y of methanol and 400,000 mt/y of ammonia during its first phase, according to Bloomberg. It will be based in the Suez Canal Economic Zone’s Ain Sokhna Region.
The company will be jointly owned by Abu Qir Fertilizers, Helwan Fertilizers, and Al Ahly Capital Holding. The first two companies will hold 35 percent stakes each, while Al Ahly retains 30 percent.