The General Authority of the Suez Canal Economic Zone recently signed a framework agreement for a chemical project with investments totaling $250 million. The project, named “Green Marine,” is a collaboration with the Chinese “Pinghua” group in the “Teda-Egypt” area in Sokhna. The signing ceremony was attended by various officials including the Chairman of the General Authority of the Suez Canal Economic Zone, the Chairman of TEDA-Egypt, the Mayor of Binzhou Municipality in China, and representatives from the Binhua Group of Companies.
The project will be implemented in three phases, with the first phase covering an area of 300,000 square meters, costing $250 million, and creating 795 job opportunities. The project aims to produce various chemicals such as caustic soda, hydrochloric acid, bleaching materials, detergents, colors for textiles and fabrics, and bromine ore, with an annual revenue of $230 million.
The second phase of the project will focus on expanding production to meet local industry needs such as cars and building materials, as well as developing soda ash products for high-quality glass production. The third phase will concentrate on utilizing local resources to develop advanced technologies in new chemical production.
Walid Gamal El-Din emphasized the significance of the project as a milestone in Chinese investments and praised the strategic partnership between the economic zone and Chinese investors. This project signifies ongoing successful cooperation between the two entities, building on the Chinese investments in the TEDA-Egypt economic cooperation zone in Sokhna.
Yu Jiang, Chairman of the Penghua Group of Companies, highlighted the importance of Egypt’s economic development progress and the strong bilateral economic relations between Egypt and China. This project represents a unique opportunity for further collaboration with Chinese companies in the Suez Canal Economic Zone.