- June 27, 2024
- Posted by: Ahmed Abed
- Category: 2024, EN
Mr. Walied Gamal El-Dien, Chairman of the General Authority of the Suez Canal Economic Zone, Mr. Liu Aimin, President of TEDA-Egypt, Mr. Song Yongxiang, Mayor of Binzhou, China, and Mr. Yu Jiang, Chairman of the Chinese “BEFAR” Group, witnessed the signing of a framework agreement for the establishment of the “Green Marine” project for the Chinese company “BEFAR” Chemical Company in the “TEDA-Egypt” area within the Sokhna Industrial Zone.
The agreement was signed by Dr. Mohamed Abdel Gawad, Vice Chairman of the sczone for Investment and Promotion Affairs, and Mr. Geo Peng, General Director of “BEFAR” for the Middle East and Africa, in the presence of the Minister Plenipotentiary at the Chinese Embassy in Cairo, and several SCZONE leaders,
The project will be built on three phases: The first phase on an area of 300,000 square meters, at an investment cost of $ 250 million, providing 795 job opportunities, targeting the production of 100,000 tons of caustic soda and 50,000 tons of hydrochloric acid. And 40 thousand tons of bleaching raw materials and decolorants used in the manufacture of textiles and fabrics, and 10 thousand tons of bromine ore and products extracted from it, with an annual revenue of $ 230 million annually.
The second phase of the project aims to expand the production of chlorine, polyether and polyurethane products to meet the local needs of some industries such as automotive and building materials, and to develop soda ash products needed for the manufacture of high-quality glass and other needs.
However, the third phase of the project will focus on C2-C5 local resources to develop advanced technologies in the production of new chemicals.
On the sidelines of the signing ceremony, Mr. Waleid Gamal El-Dien met with the Chinese delegation, and discussed ways of cooperation in common interest, and stated that this project represents a qualitative leap in the Chinese investments, and that the strategic partnership between the economic zone and Chinese investments represents a success story based on joint construction, expressing his pride in Chinese investments in the “TEDA-Egypt”, pointing out that the Chinese investments made in partnership with the sczone in the past period represents 40% of the total investments in the sczone.
“Mr. Yu Jiang, Chairman of the “BEFAR” Group, expressed his happiness with Egypt’s successful steps towards achieving comprehensive economic development, and stressed that the Egyptian-Chinese economic relations reflect the common orientations of the political leadership in the two countries, and expressed his happiness with the signing of this unique project within the Suez Canal Economic Zone, which is the beginning of further cooperation with the Chinese companies”
