Abu Qir studies new methanol production facility

Abu Qir Fertilizers is considering establishing a new methanol production facility and is currently preparing to launch a tender to select a company to conduct feasibility studies, the company announced in a bourse filing yesterday. The project’s investment value was not brought up, but Oil Minister Tarek El Molla had reportedly said in March that a new methanol production facility in Damietta would be established for total investments of nearly USD 50 mn. El Molla had then met with the heads of PowerChina and Methanex to discuss investment opportunities in Egypt. Abu Qir is one of five state-owned companies set to sell stake on the EGX this year under the government’s privatization program.