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Agrium Sells Egyptian Fertilizer Project to Mopco; Takes 26% Stake in Mopco

10:50 AM MDT | August 11, 2008 | Michelle Bryner

Agrium says it has entered into an agreement to sell EAgrium, a previously announced $1.4-billion fertilizer project at Ras el-Bar, Damietta, Egypt, to Misr Oil Processing Co. (Mopco; Cairo) in exchange for a 26% equity interest in the combined entity. EAgrium will become a wholly owned subsidiary of Mopco and the shareholders of EAgrium will become shareholders in Mopco. The deal is expected to close by the end of the third quarter. Egypt's Supreme Energy Council last week decided to cancel EAgrium, following protests by local residents. The project will be...

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