Informed sources revealed to us the most important features of the friendly settlement agreement between the two Egyptian chemical industries (Kima) and the Italian Technomont regarding the dispute over the “Kima 2” project implemented by the latter for the production of ammonia and urea using natural gas, with investments estimated at 12 “Kima” confirmed, in a disclosure to the stock exchange yesterday, Sunday, that it has not yet obtained official approvals regarding the amicable settlement agreement with Technomont Company. The dispute between the two parties extended to more than two years when the Italian company demanded compensation for its damages from the liberalization of the exchange rate in 2016, which raised the operational cost of the “Kima 2” project. Payment for the delay in implementing the terms of some of the contracts, which led to the appeal of the Investment Dispute Settlement Committee in the Council of Ministers, which recently a...
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