CIHC to give El Nasr Steam Boilers’ land to Oil Ministry for debt repayment

The Chemicals Industries Holding Company (CIHC) will give the land at the center of the recently settled Al Kholoud dispute to the Oil Ministry to settle part of its debts, CIHC’s Vice Chairman Walid El Rasheed told the local press. The status of the land was settled last week when Al Kholoud agreed to drop its claim to the 29-feddan land plot used by El Nasr for Steam Boilers. The land is valued at EGP 624 mn and the company owes around EGP 3.4 bn to the ministry, El Rasheed said. CIHC plans to repay EGP 2 bn of its debts in the coming months.