Egypt's Suez Canal revenues are expected to hit $7 billion in 2022, compared with $6.3 billion in 2021, the chairman of the Suez Canal Authority (SCA) said in an interview with Saudi-owned Asharq television on Sunday.
SCA’s chairman and managing director Osama Rabie said volumes will be higher in 2022, despite a 6 percent increase in tolling charges from February.
Rabie said a project to expand parts of the Suez Canal is expected to be completed after two years of work in July 2023, Reuters reported from the sidelines of an event in Dubai.
The SCA speeded up plans to extend a second channel of the canal and to enlarge an existing channel after the Ever Given container ship ran aground and blocked the waterway for six days last year.
(Writing by Brinda Darasha; editing by Seban Scaria)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.© ZAWYA 2022