Singapore-headquartered petrochemicals multinational Indorama Corporation has signed a partnership agreement with Egypt’s state-owned Misr Phosphate to establish a phosphate fertiliser plant in the Sokhna Industrial Zone within Egypt’s Suez Canal Economic Zone. The project will have a production capacity of up to 600,000 tonnes per year in the first phase, with an estimated investment of up to $525 million, the Ministry of Petroleum and Mineral Resources said in a statement on Tuesday. Two agreements were inked for the project by Mukul Agarwal, CEO, Indorama with Mohamed Abdel-Azim, chairman and managing director of Misr Phosphate and Moustafa Shaikhon, Vice Chairman of Suez Canal Economic Zone (SCZONE). While the construction timelines weren't disclosed, Indorama had announced in February 2026 that the project is expected to reach financial close within the year. To support financing, the company has mandated International Finance Corporation (IFC) and European Bank for ...