An Australian consortium plans to invest USD 875 mn to build a phosphoric acid plant in the Red Sea port town of Safaga, Asharq Business reported yesterday, citing a government official. The consortium — which includes Wesson Group’s financial consultancy firm Lionsbridge and electrical contractor Westech Group — is currently working to launch their Egyptian JV, dubbed Osiris, to carry out the project, which will have an annual production capacity of around 700k tons.

Construction should start soon: The consortium will start working on the USD 312 mn first phase of the project as soon as it receives the necessary approvals. The first phase will produce some 346k tons of acid a year.

Phosphoric acid? The chemical compound is used in the production of fertilizers, detergents, and a large number of household clearing products.

We already have another phosphoric acid project brewing: Emirati company CFC Group recently received the cabinet’s approval to establish a USD 400 mn fertilizer complex that will produce 700k tons of phosphoric acid each year.

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