Egypt’s Suez Canal Economic Zone (SCZONE) signed five agreements worth $15.5 billion on the sidelines of the Third Belt and Road Forum in Beijing.
The investment agreements were signed in the presence of Egyptian prime minister, Mostafa Madbouly with SCZONE represented by its Chairman Waleid Gamal El-Dien, according to press statements issued by SCZONE.
• Framework agreement signed with China Energy International Group to establish a green fuel project for production of 1.2 million tonnes/year of green ammonia and 210,000 tonnes/year of green hydrogen at a total investment of $6.75 billion. The project will be located in the Sokhna industrial zone in Sokhna over an area of 500,000 square meters.
• Memorandum of Understanding with United Energy Company (UEG) for setting up a potassium chloride production complex powered by renewable energy at a total estimated investment of $8 billion. The complex, which will be developed in three phases, will have total production capacity of 4.1 million tonnes per annum, and would be powered by renewable energy power plants with a total capacity of 6.1 gigawatts (GW). It was also agreed to dedicated 20 percent of the production for the local market. The first phase will have a production capacity of 100,000 tonnes per annum powered by a 150MW renewable energy power project.
• Letter of Intent with China Africa TEDA Investment to develop another area of land amounting to 3 square kilometres in the Sokhna Industrial Zone to expand the ‘TEDA -Suez, which occupies 7.3 sq. km with total investments exceeding $2 billion.
• Framework agreement with Xinxing Ductile Iron Pipes for establishing a project to produce ductile iron pipes within TEDA Suez with a total capacity of 250,000 tonnes per annum. The project, which will be bult over an area of 240,000 sqm, aims to export 80 percent of its production to foreign markets, with annual sales amounting to about $250 million. The first phase is being built at an estimated at about $145 million.
• Framework agreement with China Glass to establish a project for float glass production with a capacity of 800 tonnes per day, and a rolled glass production line with a capacity 800 tonnes per day. The plant would be built over an area of 500,000 sqm within the Sokhna Integrated Industrial Zone at an estimated investment of $500 million. The project is expected to produce 243,200 tonnes per annum of float glass products for construction and 235,000 tonnes per annum of rolled products for photovoltaic modules. The project is targeting annual sales of about $250 million with 80 percent of the capacity dedicated to exports.
• Framework agreement with Shandong Tianyi Holding Group to establish an industrial complex, spread over an area of 270,000 sqm for bromine processing using concentrated seawater or brine discharge from local seawater desalination plants. The project, located within TEDA Suez, will have a production capacity of 140,000 tonnes of bromine products at a total investment of $110 million, and will export 100 percent of its production.
(Writing by Eman Hamed; Editing by Anoop Menon)
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