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Details of the interest reduction on the Kima fertilizer project and the first insurance policy

Next Thursday, the Holding Company for Chemical Industries will hold a meeting with the banks financing the Kima Aswan fertilizer production project, with the aim of studying reducing the interest on loans obtained by the company to build Kima 2, which cost about 11.6 billion pounds.

Regarding the details of the Kima 2 project, Walid Muhammad Al-Rasheed, Vice President of the Holding Company for Chemical Industries, revealed to “Youm7” that the project is going in a very good way, and it is expected that the company’s financial indicators will improve during the current year and next year, coinciding with the continuous operation of the factories that stopped about 7 months as a result of technical malfunctions that have been exceeded.


Walid Al-Rasheed added that the factory operates regularly and the maximum operating capacity reached between 105% and 110%, of the design capacity, and therefore the company entered this year into profit, pointing out that it is a project implemented with the latest technology in energy consumption and production.


Al-Rasheed revealed that the work of an insurance policy on the factory that will be assigned during the current week has been completed, in addition to holding a meeting with the banks financing the project to discuss reducing the interest on the project, with the rescheduling of debts so that the company can regularly pay its obligations naturally.