Egypt’s Normal Authority for Suez Canal Financial Zone (SCZONE) has announced the signing of a contract to construct the most important built-in industrial advanced for the manufacturing of methanol, ammonia, and its derivatives at Ain Sukhna’s industrial zone.
The deal was inked between SCEZone, Abu Qir Fertilizers and Chemical compounds Industries Firm (ABUK), and Al Ahly Capital Holding.
In a telephone name with Al-Monitor, the chairperson of SCEZone, Yehia Zaki, defined that the challenge falls throughout the framework of Egypt’s plan to extend petrochemical exports. “The primary section is anticipated to be accomplished at an funding price of $ 1.6 billion by 2025,” he mentioned. “The second section, which prices $1 billion, would require three further years. We introduced the challenge for the primary time final August. It goals to supply a million tons of methanol and 400,000 tons of ammonia yearly.”
The challenge “will flip the zone into the principle supply of manufacturing of a number of petrochemical and petroleum merchandise,” he mentioned, furthering SCZONE’s technique to localize the petrochemical industries.
Zaki defined that the challenge can be constructed on two million sq. meters throughout the Primary Improvement Firm, together with space for storing of 50,000 sq. meters in Sokhna port to attain the required integration between the commercial zone and the port.
The advanced supplies about 1,200 direct and oblique job alternatives, consistent with the financial zone’s imaginative and prescient of offering 1 million jobs by 2030. “This is likely one of the objectives that the Normal Authority goals to attain in all its contracts and commitments with its companions,” he mentioned. “The continuing improvement works in Sukhna port contribute to the export of petrochemical merchandise … from one of many keys and pivotal ports on the Crimson Sea.”
Saad Abu Al-Maati, chairman and managing director of Abu Qir Fertilizers Firm and chairman of the Worldwide Methanol Firm, was thrilled with the brand new deal. He described the challenge as a “big industrial edifice” that displays Egypt’s present financial renaissance.
He praised Egyptian Minister of Petroleum Tarek El Molla for turning Egypt right into a regional power hub and reaching self-sufficiency in pure gasoline. “The challenge will enhance the very important contribution of the Egyptian petrochemical business to the Egyptian financial system,” he informed Al-Monitor.
The challenge is anticipated to start working in 4 years, Maati mentioned. The Ain Sukhna zone was chosen due to its proximity to transport ports and export markets for Southeast Asia and Africa, along with the customs and tax advantages supplied by the Suez Canal Financial Zone.
Maati continued, “The challenge has excessive financial feasibility. Research proved the worldwide market’s want for methanol, which is a key half in a number of petrochemical industries and is basically used as gasoline. Furthermore, the challenge exploits the present emissions of carbon dioxide polluting the environment and their interplay with ammonia to supply urea fertilizer. This makes it each economically possible and eco-friendly.”
