The board of directors of the Egyptian Chemical Industries Company, Kima, has approved an amicable settlement agreement to end all existing disputes regarding the ammonia and urea project, which was signed on 11 May with the Italian company Tecnimont.
The company said in a statement to the Egyptian Stock Exchange that the agreement will be sent to the Investment Contracts Dispute Resolution Committee at the Ministry of Justice to begin the legal procedures required for approval.
The Board of Directors also decided to extend the term of operation and maintenance services for the ammonia and urea plant with the Italian company Tecnimont for a period of two months until 25 June from the date of its expiry date on 25 April.