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Jul 02 2012

Egypt's IDA to sign contract this week to build USD100m sugar plant

By Alaa El Taweel Egypt's Industrial Development Authority (IDA) and the Port Said Sugar Company will sign a contract this week with a consortium of local and international companies to construct a sugar plant for USD 100 million (EGP 600 million) in the Port Said governorate, a senior official told Zawya.

IDA's partnership in the project is to the tune of EGP 100 million, which is the value of 450,000 square meters of land on which the plant will be located. The other shareholders are Egyptian businessmen Fawzi Shendi, Omar Komi and Saeed Shendi, El-Nagdy said.

"We will invite the winning bidders to sign the final contracts during the next few days. The plant is expected to be functional 30 to 36 months later," El-Nagdy said.

A ministerial committee formed by the prime minister, industry minister and the governor of Port Said has approved the project to encourage the sugar industry in Egypt. The new plant will produce 354,000 tons per annum, of which 90,000 tons will be of cane sugar and 130,000 tons of refined sugar.

Egypt produces 1.5 million tpa of sugar, meeting about half of the country's needs. The rest is imported.

© Zawya 2012

© Copyright Zawya. All Rights Reserved.


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