Last Update 14:58
Thursday, 27 June 2019

Suez Canal Authority resolves investment hurdles worth $10 billion: Mamish

Ahram Online , Saturday 3 Jun 2017
Mohab Mamish
File photo: Mohab Mamish, chairman of the Suez Canal Authority ,talks to state TV as he checks work at the New Suez Canal, Ismailia, Egypt, July 25, 2015 (Reuters)
Share/Bookmark
Views: 3680
Share/Bookmark
Views: 3680

Outstanding issues which delayed some investments in the Suez Canal Zone have been resolved, chairman of the Suez Canal Authority and head of the Suez Canal Economic Zone Mohab Mamish announced on Saturday.

In statements reported by Al-Ahram Arabic news website, Mamish said that the authority resolved several hurdles with investors in order to increase investment opportunities in the zone upon orders by Egypt’s President Abdel-Fattah El-Sisi.

According to Mamish, the elimination of hurdles allows the financing of a $500 million (EGP 10 billion) project by Sonker Bunkering Company to proceed.

Sonker is set to build and operate a bulk-liquids terminal for the import and storage of oil and liquefied petroleum gas (LPG) in the third basin of Ain Sokhna Port on the Red Sea.

Mamish said that the petroleum and investment ministries as well as DP World Sokhna and the Suez Canal Economic Zone contributed to the resolution of the investment hurdles.

Mamish added that there is a plan to build new 40km gas pipelines connecting the terminal to the national grid for petroleum products, saying the addition would facilitate the distribution of the energy products nationwide.

The “mega project” is an important part of a government plan to upgrade the energy infrastructure, boost the economy, and create jobs, Mamish said.

The Suez Canal Economic Zone economic zone extends over 461 square kilometres across the three Suez Canal governorates of Suez, Port Said and Ismailiya, and will include six maritime ports, to be completed by 2045.

Throughout the past couple of years, Egypt has been seeking foreign investments for the Suez Canal Economic Zone, which is expected to include an international logistics hub and areas for light, medium and heavy industry as well as commercial and residential developments.

 

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.