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As part of the project, the company will shut down 18 existing oil refining units and install new ones.

They lodged an anti-dumping complaint against Chinese manufacturers operating out of Egypt alleging that they benefit from unfair subsidies.

The initiative is expected to enhance trade efficiency, lower logistical costs, and save Egypt an estimated $284 million annually.

The complex will have a total production capacity of 10 mn tons of phosphate once fully operational.

As part of the agreement, Konecta plans to invest approximately $100 million in Egypt over the next three years.

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