General Authority for Suez Canal Economic Zone (SCZONE)’s Chairman, Yehia Zaki, witnessed the signing of the contract for the establishment of the “International Company for Methanol and its Derivatives” project, the largest integrated industrial complex for the production of methanol, ammonia, and its derivatives at Ain Sukhna’s industrial zone.

The project comes within the framework of achieving the authority’s strategy 2020-2025, which is based on the localization of specific industries within its regions, including the petrochemical sector industries within the integrated Sokhna region, according to the Egyptian Cabinet.

The contract was signed by Abdel Nasser Rifai, Chairman of the Main Development Company for the Suez Canal Economic Zone, Saad Abu El-Maati, Chairman and Managing Director of Abu Qir Fertilizers Company and Chairman of the International Methanol Company, and Ayman Kamel, General Manager of the International Methanol Company, in the presence of Mohamed Shaaban. SCZONE Vice President for the Southern Sector, Walid Gamal El Din, SCZONE Executive Director, Hassan Abdel-Alim, Chairman and Managing Director of Helwan Fertilizers Company, and May Asfour, Chief Investment Officer – Al Ahly Capital Holding.

The project aims for establishing an integrated industrial complex for the production of methanol and ammonia. It will be built on an area of ​​2 million square meters within the geographical area of the main development company, one of the most important developers of the economic zone in the southern sector of Ain Sukhna.

In addition, the project has storage areas in Sokhna port, with an area of ​​50,000 square meters, to achieve the required integration between the industrial zone and the port, at a cost estimated at $2.6 billion.