Sonker’s Managing Dirctor, Ossama El Sherif, signed with the Head of the General Authority of Suez Canal, Mohab Mamish, an agreement activating the financing of Sonker’s liquid bulk terminal in Ain Sokhna, reported Al Masry Al Youm.

Sonker is investing $500m to construct and operate a bulk-liquids terminal for the import and storage of gasoil and liquefied petroleum gas (LPG) in the third basin of Ain Sokhna Port.

IFC, EBRD and CIB will finance $320m of the project’s cost, while Amiral is providing the rest of the project’s funds.

The agreement signing was attended by Egypt’s Prime Minister, Sherif Ismail, the Minister of Petroleum, Tarek El Molla, and the Minister of Investments and International Cooperation, Sahar Nasr.

The agreement aims to attract foreign investments to the energy sector to achieve sustainability.

Sonker is an Egyptian storage and bunkering company operating at the Sokhna Port on the Red Sea. The bulk liquids terminal is a facility for the import and storage of gasoil, LPG, and liquefied natural gas (LNG).