Egypt's Suez Canal Economic Zone on Tuesday signed a $2.6bn contract to build a methanol plant at Egypt's Ain Sokhna port and industrial complex, it said in a statement.

The project will be executed in two phases, with completion of the first by 2025 at an investment cost of about $1.6bn. The second phase, with an estimated cost of about $1bn, is to be completed over a further three years.

Targeted production capacity for the first phase is one million tonnes of methanol and 400,000 tonnes of ammonia per year.

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