Skip to main content

FEB exits Bulgarian investment

Published by , Digital Assistant Editor
World Fertilizer,


First Energy Bank has exited from its investment in Bulgaria. FEB had invested in December 2013 jointly with Borealis in FEBORAN, which is an investment vehicle set up in Bulgaria to acquire 20.3% equity stake in Neochim.

Neochim is Bulgaria’s leading producer and distributor of fertilizers and accounts for a significant share of Bulgaria’s ammonium nitrate output. Neochim is a publicly listed company under the Public Offering of Securities Act, and operates one ammonia plant, two nitric acid plants and an ammonium nitrate plant in Dimitrovgrad in southern Bulgaria.

During end of April 2017, FEB sold its 60% stake in FEBORAN to Borealis.

CEO of FEB, Mohamed Ghanem, commented: “This was a very successful investment for the bank and we would like to extend our appreciation to our joint venture partner Borealis with whom we hope to be involved in other similar investments in the future within the petrochemical sector”.

Read the article online at: https://www.worldfertilizer.com/potash/23062017/feb-exits-bulgarian-investment/

You might also like

Nitricity launches field trial of climate-smart nitrogen fertilizer

Nitricity has announced the launch of its latest field test at an event in Madera County. In partnership with Olam Food Ingredients, Elemental Excelerator, and the Madera/Chowchilla Resource Conservation District, the announcement marked a significant increase in scale from small deliveries to the first tonnage delivered of Nitricity’s locally-produced liquid calcium nitrate product.

 
 

Embed article link: (copy the HTML code below):


 

This article has been tagged under the following:

Ammonia news