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World News and Views :: Projects

Agrium to Sell Egypt JV Stake; Acquires Share in Mopco

12:31 PM MDT | August 18, 2008 | Michelle Bryner and Natasha Alperowicz

Agrium says it has entered into an agreement to sell its 60% stake in EAgrium, a previously announced $1.4-billion fertilizer joint venture project at Ras el-Bar, Damietta, Egypt, to Misr Oil Processing Co. (Mopco; Cairo). Agrium will take a 26% equity interest in Mopco as part of the deal. The jv’s other shareholders—state-owned Echem (Cairo) and EGas (Cairo), Gasco (Cairo), and Arab Petroleum Investment Corp.—have also agreed to sell their shares in EAgrium in exchange for Mopco shares. EAgrium will become a subsidiary of Mopco. The share swap...

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