Sonker Bunkering Company and DP World finalized $500 million in financing for a liquid bulk terminal at Ain Sokhna, Ahram Online reports.
The storage facility will be used to hold imported liquid petroleum gas, gasoil, and liquified natural gas (LNG), Daily News Egypt previously reported.
The terminal will be located in the third basin of the port. The government plans to build a 40-kilometer gas pipeline to connect it to Egypt’s national grid, according to Ahram Online.
The International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), and the Commercial International Bank (CIB) had previously agreed to provide $341 million in financing for the project, according to Ahram Online.
The facility was originally slated to come online during the summer of 2017, according to Daily News Egypt, but was delayed due to financing issues.
This past summer, the Suez Canal Economic Zone announced that it had resolved the issues that had been delaying the project, Ahram Online reported in June.
Sonker Bunkering is an Egyptian energy-storage company, jointly owned by the Amiral Holding Group, the Ministry of Finance, and the Ministry of Petroleum and Mineral Resources, according to the EBRD.
DP World is a UAE firm that specializes in port management.
The Ain Sokhna port is located on the Egyptian coast of the Red Sea.