Egypt - Misr Methanol will sign an agreement with the General Authority for the Suez Canal Economic Zone (SCZone) to build a methanol plant, Al Borsa News reported.
The project’s total cost amounted to $2.5 billion.
The plant, which will be established on the plot in the SCZone’s Ain Sokhna site, aims to produce 1 million tonnes of methanol and 400,000 tonnes of ammonia annually. Another portion will be allocated for export.
This is the first project to be established by Misr Methanol and Petrochemicals.
Up to $1.6 billion will be injected in the plant’s first phase.
Misr Methanol will compete for market share with the Canadian-Egyptian firm Methanex, which for a decade has been Egypt’s only methanol producer.
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