New Valley: The ordinary general assemblies of Petrojet and Enppi, in an extraordinary session, approved their participation in financing the phosphoric acid production plant project in the Abu Tartour Plateau, New Valley.

According to State Information Service Egypt, the assemblies endorsed the signing of the shareholders' framework agreement and all contracts essential for the project launch, which will initially have a production capacity of 250,000 tons annually. The session was attended by Minister of Petroleum and Mineral Resources Karim Badawi, along with Petrojet Chairman Waled Lotfy and Enppi Chairman Wael Lotfy, who presented memorandums concerning their companies' involvement and the subsequent procedures for the project.

The minister highlighted the project's national significance, asserting its potential to enhance the Egyptian economy by converting phosphate ore into a finished product rather than exporting it as a raw material. This conversion is expected to maximize economic returns from mining resources and establish Egypt as a regional hub for mining industries. The initiative aligns with the State's goals to increase the mining sector's GDP contribution from less than 1% to between 5-6% in the near future. The minister lauded the companies' decisions as a pivotal step towards achieving these objectives.

In a separate development, Enppi's general assembly approved the company's shareholder role in the Egyptian Sustainable Aviation Fuel Company (ESAF), acknowledging the project's environmental and strategic significance, especially in reducing the aviation sector's carbon footprint through sustainable fuel use.