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.