Egypt: SCZone to see $487mln new Chinese investments

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Several Chinese companies are planning to make new investments of a total of $487 million into China-Egypt TEDA Suez Economic and Trade Cooperation Zone in Ain Sokhna, the Suez Canal Economic Zone (SCZone) stated on May 27th.

The investments will be injected in the fields of energy, textiles industry, petrochemicals, and bromine production.

During the Belt and Road Initiative Conference in China, TEDA Egypt has signed an agreement with Hidier Power Group to build a $265 million power plant in Ain Sokhna; the project’s first phase includes establishing a $38 million substation with a capacity of 200 megawatts (MWs) or 220 kilovolts (KVs).

Another agreement was signed with Hidier Power Group to establish a 200,000-capacity factory to manufacture petroleum coke (petcoke) products, under which the first phase will produce 50,000 tons of products per year for nearly $30 million in investments.

TEDA has also inked a deal with a subsidiary of Golden Spring Group to launch a 66,000-square-meter textiles factory worth around $12 million in investments.

Moreover, an agreement was sealed with Shandong Tianyi Chemical Corporation to build a $110 million bromine factory on a 270,000-kilometer area with a production capacity of 140,000 tons a year.

The project is expected to generate up to $600 million in revenues and provide 700 direct job opportunities.

Shandong Tianyi will also set up a $200 million project for caustic soda production on a 300,000-square-meter plot to produce 500,000 tons of raw salt, 300,000 tons of sodium carbonate, 270,000 tons of chlorine, and 7,500 tons of hydrogen.

The project is expected to garner $160 million in revenues and create 420 job opportunities.

In addition, TEDA has signed deals with the smart energy solutions provider Chint Global and the Zhejiang Free Trade Zone to offer training in the fields if industrial and trade investments.