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Apex Trader Funding (ATF) - News

Yara and Scatec Ink Renewable Ammonia Offtake Deal

Yara International ASA's (OTC: YARIY) division Yara Clean Ammonia, Scatec ASA and its partners Egyptian Petrochemicals Holding Company ("ECHEM") and Misr Fertilizers Production Company ("MOPCO") have reached a deal on the terms of renewable ammonia offtake from Egypt. Scatec, ECHEM and MOPCO signed a joint development and shareholder agreement last year to produce renewable ammonia. The sponsors will design and build up to 480 MW of renewable energy, as well as a 240 MW electrolyzer facility for producing renewable hydrogen, which will be utilized as feedstock for MOPCO's existing ammonia production facility in Damietta, Egypt. The target production capacity is up to 150,000 tons of renewable ammonia per year. Scatec also signed a letter of intent with the European Investment Bank ("EIB") to secure long-term funding for ...