Egyptian President Abdel-Fattah El-Sisi inaugurated the expansion of the Misr Fertilizer Production Company factory in the Delta governorate of Damietta on Sunday.
The expansion, which came with a price tage of around $2 billion, raises the factory's production capacity by almost four times, from 650,000 tonnes to 2 million tonnes annually.
During the opening ceremony, minister of petroleum Tarek El-Molla said that Egypt expects to receive its third floating storage and regasification unit (FSRU) by the end of the first quarter in 2017 to assure ample supplies for a currently-under-construction Siemens power plant.
Egypt was delivered two FSRU units — provided by Norway's Hoegh LNG in April, and the Singapore-based Norwegian group BW Gas in September with daily capacities of 500 million cubic feet and 750 million cubic feet respectively — so as to be able to import liquefied natural gas and convert it to feed its energy-starved power grid.
German conglomerate Siemens is currently constructing three power stations in Egypt that aim to add 14.4 gigawatts of electricity to the national grid by 2018.
Petroleum minister El-Molla noted that the aftermath of the 2011 uprising stalled production of natural gas in Egypt, necessitating the import of natural gas at an annual cost of $3 billion.