The ordinary general assembly of the Misr Fertilisers Production Company (MOPCO) approved a dividend payout of EGP 3.75 per share for shareholders. The Saturday assembly, which was attended by Egypt's Minister of Petroleum and Mineral Resources Karim Badawi viavideo conference, also outlined the company's ambitious green expansion plans.
The meeting was chaired by Ahmed Mahmoud, Chairperson of the Board of Directors, and was also attended by Ibrahim Maki, Chairperson of the Egyptian Petrochemicals Holding Company (ECHEM); Yassin Mohamed, Chairperson of the Egyptian Natural Gas Holding Company (EGAS); representatives of shareholders including the Saudi Egyptian Investment Company, Alfa Oryx Limited, and the Arab Petroleum Investments Corporation (APICORP); as well as representatives from the public offering.
Mahmoud, the MOPCO Chairperson, emphasised the company's success in achieving its targeted production plan in the first half of 2024, with sales exceeding the target by 100% for urea, reaching 943,000 tonnes, and by 138% for ammonia.
The company supplies approximately 30% of the local market's urea fertiliser needs and 60% of its ammonia needs, with the remaining production exported to various international markets, primarily Europe for urea, followed by the Americas and Asia.
Mahmoud outlined the company's three-year plan, which includes new green economy projects. The plan focuses on reducing the carbon footprint through the development of green transformation at the company's factories, adding new products, and entering into partnerships with attractive economic returns.
He explained that MOPCO successfully completed the construction of a new production unit this year, adding a new product with a capacity of 20,000 tonnes per year of Adblue, a 32.5% urea solution. Global demand for this product is rising as it reduces harmful emissions from diesel engines. The company has already exported its first shipment of the product to European markets, with a quantity of 36 tonnes and a price of $195 per tonne. This represents a 200% increase in the export price per tonne of urea.
Mahmoud also highlighted the company's plans for two new projects: a green ammonia production project with a capacity of 150,000 tonnes per year in partnership with Scatec, for which the shareholder agreement and basic principles have been signed with major global companies for the purchase and marketing of green ammonia, and a melamine production project with a capacity of 42,000 tonnes per year, for which the detailed feasibility study has been completed and negotiations are underway to sign a marketing agreement for 30,000 tonnes.
He also mentioned the project to build a carbon dioxide recovery unit to comply with the requirements of the EU'sCarbon Border Adjustment Mechanism (CBAM) and the European market. Additionally, he noted that the company is considering joining other projects with economic returns, such as silicon and soda ash production projects in the NewAlamein City, methanol derivatives projects in Damietta, and a natural gas pipeline manufacturing plant for EGAS.
During the meeting, Badawi emphasised the importance of implementing MOPCO's expansion plan, which includes several new projects. One of the key projects is the reduction of emissions, which represents a positive development in the field of green production.
