Yehya Zaki, head of SCZone attend the the signing of the deal on Tuesday 21 December, 2021. Photo courtesy of Suez canal economic zone website.
The mega complex, operated by the International Company for Methanol and Derivatives, will be established on a span of 2 million square metres with a storage area of 50,000 square metres, a statement by the SCZone said.
The Egyptian joint stock company is owned by Abu Qir Fertilisers Company, Helena Fertilisers Company, and Al-Ahly Capital Holding Company.
It will be established over two phases, with the cost of the first phase estimated at $1.6 billion, the statement said, adding that it will be completed in 2025.
The first phase is expected to produce 1 million tonnes of methanol and 400,000 tonnes of ammonia annually.
The second phase, estimated at a cost of $1 billion, will be implemented over three years.
Yehya Zaki, the head of the SCZone, said the mega project is part of efforts to achieve the zone’s 2020-2025 strategy, which focuses on supporting limited industries, including petrochemical industrial projects.
Zaki said the project will provide 1,200 direct and indirect job opportunities under the zone’s vision to provide 1 million job opportunities by 2030.