Egypt, China sign deal to build mega chemical complex

CAIRO, Nov 27 (KUNA) -- Egypt and China signed on Thursday a contract to build a very large chemical and phosphate complex in Sokhna region at a projected value of USD one billion.
The Egyptian Cabinet said in a press statement that the deal was signed by CEO of Alsewedy Company for Industrial Development Mohammad Alkammah and his counterpart at the Chinese company CJN, Huang Qiu Han, at a ceremony attended by Prime Minister Mostafa Madbouli.
The statement said the complex would be built on a 905,000 square-meter plot of land inside the town Sokhna 360, developed and managed by Alsewedy company. The project will be executed in three consecutive phases with an overall investment value of USD one billion.
It will provide some 10,000 jobs and bulk of the output will be exported to South Asia, the Middle East, Africa and South America.
First phase of the venture will kick off in 2026, to be commercially operational by 2028. The second phase will begin in 2029 to be operational by 2031 and the third stage will begin in 2032 to be operational by 2034. (end) aff.rk