The General Authority of the Suez Canal Economic Zone signed a framework agreement to establish a chemical project, with investments amounting to $250 million.
The project is being held under the name “Green Marine”, with the Chinese “Pinghua” group in the “Teda-Egypt” area in Sokhna.
The signing was witnessed by Walid Gamal El-Din, Chairman of the General Authority of the Suez Canal Economic Zone, Liu Amin, Chairman of TEDA-Egypt, Song Yongziang, Mayor of Binzhou Municipality, China, and Yu Jing, Chairman of the Binhua Group of Companies.
The agreement was signed by Dr. Mohamed Abdel Gawad, Vice President of the Authority for Investment and Promotion Affairs, and Jiu Ping, General Manager of “Binhua” for the Middle East and Africa, in the presence of the Minister Plenipotentiary at the Chinese Embassy in Cairo, and a number of executive leaders at the Authority.
The project will be implemented in three phases, with the first covering an area of 300,000 square metres, at a cost of $250 million, and providing 795 job opportunities. The project aims to produce 100,000 tons of caustic soda, 50,000 tons of hydrochloric acid, and 40,000 tons of bleaching materials and detergents. Colors used in the manufacture of textiles and fabrics, and 10 thousand tons of bromine ore and products extracted from it, with annual revenue reaching $230 million annually.
The second phase aims to expand the production scope of chlorine, polyether and polyurethane products to meet the local needs of some industries such as cars and building materials, and to develop soda ash products necessary for the manufacture of high-quality glass and other needs.
The third phase of the project will focus on local resources to develop advanced technologies in the production of new chemicals.
Walid Gamal El-Din stated, following a meeting with the Chinese delegation to discuss aspects of cooperation, that this project represents a qualitative leap in Chinese investments, stressing that the strategic partnership between the economic zone and Chinese investments represents a success story based on joint construction, praising Chinese investments in the “TEDA-Egypt” economic cooperation zone in the Sokhna integrated industrial zone.
He pointed out that the Chinese investments made in partnership with the Suez Canal Economic Zone in the past period represent 40% of the total investments in the region.
Yu Jiang, Chairman of the Penghua Group of Companies, stressed the importance of Egypt’s steady steps towards achieving comprehensive economic development, noting that the Egyptian-Chinese economic relations reflect the common orientations of the leadership in the two countries, and provide a model for Chinese cooperation with Arab and African countries, stressing that this project is unique in the Suez Canal Economic Zone, and is the beginning of further cooperation with Chinese companies in the province.