A new integrated industrial complex for the production of methanol and ammonia is set to be established in the Suez Canal Economic Zone (SCZone).
The complex will be held in the industrial zone of Ain Sokhna, within the framework of the Egyptian port’s plan to increase exports of petrochemical products. The projects targets to export its product by 100%.
“We are extremely proud to contribute in establishing an integrated industrial complex for the production of methanol and ammonia. The target production capacity of this project is one million tons of methanol annually and 400,000 tons of ammonia,” said Yehia Zaki, Chairman of the Suez Canal Economic Zone.
The project is to be built on an area of 2 million square metres within the site of the Main Development Company in addition to storage spaces in Sokhna Port.
The new complex aims to achieve a high added value in the petrochemical industry and create export opportunities for the produced materials.
Overall, the investment is set to cost around $1.6 billion for the first phase of development. The second phase has an investment cost of about $1 billion to be implemented over the next three years.
“The project helps to create direct and indirect job opportunities estimated at 1,200 jobs for Egyptian youth to achieve one of the most important pillars of the economic zone’s vision, which is providing one million jobs by 2030,” Zaki added.
“It is always the desired goal for SCZone in our contracts and commitments to achieve the strategic plan 2020/2025.”
Staying in the region, Abu Dhabi Ports (ADP) has also recently announced the completion of a 1.38 million square metres of commercial and retail areas at Rahayel Automotive and Mobility City by ZonesCorp, one of the largest economic zone operators in the UAE.
Rahayel City is the first integrated hub for the automotive industry in the region to accommodate a full range of auto-related businesses and supporting services, ADP said in a statement.
Featuring showrooms, service centres and workshops, auction houses, and sector-based regulatory and governing bodies, the new development is also home to a vehicle test track, an inspection facility, and an auto training centre.