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Dec 02, 2023

Egypt's KIMA, Italy’s Maire Tecnimont settles disputes over ammonia plant

KIMA is an Egypt-based nitrogen-based fertilizers manufacturing leader and is

KIMA is an Egypt-based nitrogen-based fertilizers manufacturing leader and is engaged in the agricultural chemicals industry

Arab Finance: Egyptian Chemical Industries (KIMA) (EGCH) has signed a settlement agreement with the Italian engineering company Maire Tecnimont to end all the disputes between the two companies regarding the ammonia and urea project, according to a statement issued on November 6th.

The signing came after the Egyptian Cabinet endorsed the settlement of all disputes between KIMA and Maire Tecnimont on October 12th.

As per the agreement, Maire Tecnimont will settle the amounts it would receive as a compensation from insurance companies or the cases it filed against Japan's Hitachi as a result of a damage that caused the ammonia plant to stop direct production for KIMA.

Regarding the nitric acid and ammonium nitrate project, potentially assigned to Tecnimont, KIMA has negotiated its terms and conditions of the engineering, procurement and construction (EPC) contract to be unsimilar to the EPC contract of the Ammonia and Urea project.

KIMA is an Egypt-based nitrogen-based fertilizers manufacturing leader and is engaged in the agricultural chemicals industry.

The company produces and distributes various products, including urea, ammonium nitrate, ferrosilicon alloy, liquid ammonium nitrate fertilizer, prill ammonium nitrate fertilizer, liquid ammonia, aqua-ammonia, nitric acid, hydrochloric acid, and silica fume.