Business | General
Egypt wants Agrium's $1.2b project moved
The Egyptian parliament recommended relocating Agrium Inc's $1.2-billion fertiliser plant from its site in the Mediterranean city of Damietta, after mounting pressure from residents of the tourist destination who fear pollution from the plant.
- Bloomberg
- Published: 00:14 June 22, 2008
Cairo: The Egyptian parliament recommended relocating Agrium Inc's $1.2-billion fertiliser plant from its site in the Mediterranean city of Damietta, after mounting pressure from residents of the tourist destination who fear pollution from the plant.
Agrium, North America's third-biggest maker of fertiliser, owns 60 per cent of the EAgrium joint venture, with Egyptian Natural Gas Co, other Egyptian partners and Arab Petroleum Investments Corp, holding the rest.
The Calgary-based company has already started construction of the plant scheduled to be completed in 2010.
The parliament "recommends to move the factory to any other suitable industrial zone in a way that protects the economic interest of Egypt and that of the company," Speaker Fat'hi Sorour said, quoting a report by the parliament's fact-finding committee and televised on the state-owned Nile News. The report also said the project does not pose any environmental hazards.
Egypt's Prime Minister Ahmad Nazif said the government "welcomes and "respects" the findings of the committee.
"The government is currently negotiating with the company to discuss alternatives," Nazif said.
Share this article
More from Business General
More from Business
Popular in Business
-
General
Precious jump
Gold prices at new high as India's central bank buys $6.7b worth of gold
Business Editor's choice
-
UAE companies in full force at WTM
Seventy-eight participants are from Dubai and 50 from Abu Dhabi
-
DIFC committed to high standards
Ensures an efficient process to serve the business community
-
Sweet life in the Middle East
A sweet look at the confectionary industry in the UAE and Middle East
