Kima Co. has said that negotiations have resumed again with Maire Tecnimont to implement a new nitric acid and ammonia nitrate project with investments of about US$200 million.
In a statement, Kima said that Egypt's Dispute Settlement Committee had recommended the resumption of negotiations, which had reached a stalemate, delaying the old project, following an emergency problem that occurred in the carbon dioxide compressor of the urea production unit. A report concluded that this related to the manufacturer, which prompted Tecnimont to pledge to repair the compressor and extend the warranty period.
According to the agreement, Tecnimont will provide the necessary funding from international bodies and institutions to implement the project, which is expected to take about 24 months.