Under the five-year agreement, BP will invest $20 million in maintenance and achieving maximum production capacity.
The Metallurgical Industries Holding (MIH) and British Petroleum (BP) have signed an agreement to restart the operations of the Egyptian Anode Blocks Company, in which the Holding Company for Metallurgical Industries and its affiliates under the Ministry of Public Enterprise own 75% of the shares.
Under the five-year agreement, BP will invest $20 million in maintenance and achieving maximum production capacity.
BP will also provide full technical support by sending a team of specialists to supervise daily production processes and ensure compliance with occupational safety standards, enabling the anode company to produce high-quality products that meet the required specifications.
Once operational, the anode block plant in Ain Sokhna Free Zone is expected to produce 250,000 tons annually following the supply and installation of a second coke cooler, generating net revenue of $97 per ton of calcined petroleum coke.
He noted that the agreement guarantees a minimum output equivalent to calcining 200,000 tons annually.
The agreement aims to revive the anode block plant in the Ain Sokhna Free Zone by financing necessary maintenance works and supervising the operation of the calcination process for petroleum coke while enhancing production capacity utilization rates.
Minister of Public Business Sector, Mohamed Shimi, stated that the signed agreement is focused on revitalizing the anode company, which has been non-operational for two years.
He highlighted that restarting the company will help reduce the import bill for its final product, which is essential for industrial companies, particularly in the aluminum industry.
