Evergrow in talks with IDA for land to complete second phase of potassium sulfate plant

INVESTMENT WATCH- Evergrow in talks with IDA for land to complete second phase of fertilizer complex: Fertilizers producer Evergrow is in talks with the Industrial Development Authority (IDA) to acquire a 100k sqm land plot in Sadat City to complete the second phase of its fertilizer project, Marketing and Sales Director Mostafa Foad tells Al Mal. The first phase of the EUR 7 mn project — a production line for potassium sulfate products that are used in a wide variety of industries — is expected to begin operations in January 2019, with work on the second phase scheduled to begin in January 2020. Each phase will produce around 50,000 tonnes a year, of which 75% will be earmarked for exports, with the rest sold locally, according to Foad, who adds that Evergrow recently signed an agreement with a Belgian company to market its products in Europe and Africa. Evergrow had announced last month that it was scaling back its investment in a new calcium diphosphate plant to EGP 2 bn, from an original EGP 9.5 bn.