Two agreements, with whole investments of $740 million for establishing a Phosphate Fertilizer plant and a Chemical undertaking within the Suez Canal Financial Zone(SCZONE), had been signed on April 8 within the presence of Prime Minister Mostafa Madbouly.
The Indorama Egypt Fertilizer undertaking shall be established within the Sokhna Industrial Zone, on an space of 522,000 sq. meters, with investments of $525 million for the primary section. The undertaking is predicted to offer as much as 2,500 direct job alternatives throughout the operational section, along with 500 jobs throughout the building stage.
The undertaking goals to ascertain an built-in industrial complicated for fertilizers and primary chemical substances, with an annual manufacturing capability of as much as 600,000 tons within the first section. This can embrace the manufacturing of phosphate fertilizers and a variety of associated merchandise, resembling rock phosphate, ammonia, sulfur, potash (potassium chloride), and urea, together with specialised chemical substances like zinc sulfate, boric acid/sodium borate, and sodium molybdate.
The complicated is designed to assist agricultural and industrial provide chains, with round 80% of manufacturing directed towards exports.
The contract was signed by Moustafa Sheikhon, Vice President of the Common Authority of SCZONE for Funding and Promotion, and Mukul Agarwal, CEO of Indorama.
The second contract was additionally signed between Sheikhon and Mostafa El Gabaly, CEO of Polyserve for Fertilizers and Chemical substances, for establishing a Polyserve Egyptian chemical substances undertaking, value $215 million, within the Sokhna Built-in Industrial Zone. The undertaking, spanning an space of 650,000 sq. meter, is designed for a nameplate capability of three.5 million tons per 12 months (mmt/y) and is predicted to generate 500 direct jobs.
The signing ceremonies of each agreements had been attended by Karim Badawi, Minister of Petroleum and Mineral Sources, and Waleid Gamal Eldien, Chairman of the Common Authority for SCZONE.
Polyserve is a diversified Egyptian agency with operations spanning mining, fertilizers, and varied chemical streams, together with primary chemical substances, nitrogenous compounds, and the extraction of business minerals. Its portfolio consists of the downstream manufacturing of sulfuric and phosphoric acids in addition to speciality and compound fertilizers.
Following the signing, Madbouly emphasised that localizing industries considerably bolsters the nationwide economic system by decreasing the import invoice and driving export-led development. He famous that the SCZONE provides a sturdy enabling surroundings for traders, stressing the federal government’s push for high-value-added non-public sector initiatives to deepen native content material and improve the competitiveness of Egyptian merchandise in regional markets.
Gamal El-Din added that the chemical complicated serves as a direct spine for petroleum companies and agriculture. He highlighted that SCZONE’s technique focuses on industrial localization, expertise switch, and enhancing midstream and downstream logistics throughout 21 sectors. He said that the combination between the Mediterranean and Pink Sea ports and their industrial hubs provides a definitive resolution to international provide chain challenges, whereas additionally citing Egypt’s certified technical workforce as a main aggressive benefit for international traders.
