December 16, 2009 / 1:56 PM / in 9 years

UPDATE 1-Agrium's Eqypt plant to triple output

* Secures $1.05 bln in financing

* To triple production at nitrogen plan in Damietta, Egypt

* Agrium share 507,000 tonnes urea/39,000 tonnes ammonia

(In U.S. dollars)

TORONTO, Dec 16 (Reuters) - Canadian fertilizer producer Agrium Inc AGU.TO, said on Wednesday that its Egyptian joint-venture company secured more than $1 billion to triple production at a nitrogen facility in Damietta.

The $1.05 billion, the largest financing underwritten by Egyptian led banks, will be used to expand the second and third phases of production at the facility.

The facility is operated by Egyptian Nitrogen Products Company S.A.E., a wholly owned subsidiary of MISR Fertilizer Production Company. Agrium owns a 26 percent equity interest in the facility.

The expansion is expected to be completed by the first half of 2012.

Total annual production at the site will be 1.95 million tonnes of urea and 150,000 net tonnes of ammonia, with Agrium’s share amounting to 507,000 tonnes of urea and 39,000 tonnes of ammonia. ($1=$1.06 Canadian) (Reporting by Scott Anderson, editing by Dave Zimmerman)

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