Egypt's SCZone on Wednesday signed a usufruct contract with the Chinese company Shin Shing for the production of ductile iron pipes, the Egyptian Cabinet stated. The agreement, grants Shin Shing the right to use approximately 270,000 square metres of land within the Teda industrial area. The pact is aimed to establish a ductile iron pipe project, with the project involving the production of cast iron pipes. The project, with investments of $146 million, has an annual production capacity of 250,000 tonnes valued at about $1.2 billion. Shin Shing's is willing to invest in Egypt and obtain the right to use land within the 6-square-kilometre area allocated by the SCZONE to the industrial developer Teda. The Chinese firm will manufacture and sell ductile iron pipes and related fittings; oxygen and its by-products, argon and nitrogen. It will also develop related technologies and technical services. The company will also import the necessary raw and intermediate materials.
