CAIRO, June 25 (MENA) - The ordinary general assemblies of Petrojet and Enppi, during an extraordinary session Wednesday, approved participation in financing the phosphoric acid production plant project in the Abu Tartour Plateau in the New Valley.

The two companies are stakeholders in the project along with other shareholders. The assemblies approved the signing of the shareholders’ framework agreement and all contracts related to the launch of the project, which will have a production capacity of 250,000 tons annually in its first phase.

According to a statement issued by the Ministry of Petroleum on Wednesday, during the assemblies - attended by Minister of Petroleum and Mineral Resources Karim Badawi, Chairman of Petrojet Waled Lotfy and Chairman of Enppi Wael Lotfy presented the memorandums regarding their companies' participation in the project and the subsequent procedures.

The minister of petroleum emphasized the importance of the project as a national endeavor that would contribute to boosting the Egyptian economy. He noted that it would help maximize the added value of phosphate ore by converting it into a finished product instead of exporting it as raw material, thus increasing the economic return from mining resources and positioning Egypt as a regional hub for mining industries.

The minister said this approach aligns with the State's priorities to significantly raise the mining sector’s contribution to the GDP- from less than 1% currently to between 5-6% in the upcoming period.

He praised the decisions made by the companies’ general assemblies, describing them as a historic step toward achieving these goals.

Separately, the general assembly of Enppi approved the company’s participation as a shareholder in the Egyptian Sustainable Aviation Fuel Company (ESAF), recognizing the project's significant environmental and strategic importance, particularly its role in reducing the carbon footprint of the aviation sector through the use of sustainable fuel. (MENA)

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