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Construction Halted on Agrium Fertilizer JV in Egypt

8:18 AM MDT | June 19, 2008 | Michelle Bryner

Agrium says that construction has not resumed at the Damietta, Egypt site where its majority-owned jv EAgrium (Cairo) is building a turn-key fertilizer complex. Building was halted on April 21 after citizens of Damietta raised concerns over the potential impact of the facility on human health and the environment. International and local banks providing financing for the project have suspended future draws from the credit facility for construction costs and equipment purchases, Agrium says. Agrium says it expects a review being conducted by the Egyptian government...

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