News | December 21, 2021

Yehia Zaki Witnessed The Signing Of A $2.6B Contract For The Establishment Of The ‘International Complex For Methanol' In The SCZone

The chairman of Suez Canal Economic Zone Eng. Yehia Zaki witnessed the signing of the establishment of an integrated industrial complex for the production of methanol and ammonia (The international company for methanol and its derivatives). The complex will be held in the industrial zone of Ain Sokhna, within the framework of the Egyptian country’s plan to increase exports of petrochemical products, The project targets to export its products by 100%.

The project will be built on an area of 2 million square meters within the geographical site of the Main Development Company “MDC”, one of the most important industrial developers for the economic zone in Sokhna, in addition storage spaces in Sokhna port with an area of 50,000 square meters to achieve the required integration. The purpose of this industrial complex is to achieve a high added value in this industry and create export opportunities for the produced materials, its investment cost for the first phase is about 1.6 billion dollars, the second phase has an estimated investment cost of about one billion dollars, to be implemented over three years.

The implementation of this project is part of industries localization, as well as an implementation of SCZone strategy for the five years 2020/2025 in transforming Sokhna zone into a global platform for petrochemical industries.

“The project helps to create direct and indirect job opportunities estimated at 1,200 jobs for Egyptian youth to achieve one of the most important pillars of the economic zone’s vision, which is providing one million jobs by 2030. “It is always the desired goal for SCZone in our contracts and commitments to achieve the strategic plan 2020/2025”. Eng. Yehia Zaki added.

It is worth noting that, the founders of the “International Methanol” Complex are Abu Qir fertilizers Co, Helwan fertilizers Co and Al-ahly Capital Holding Co.

Source: Suez Canal Economic Zone