Chairperson of Suez Canal Economic Zone (SCZONE) Yehia Zaki witnessed signing a contract for the establishment of the largest integrated industrial complex for the production of methanol, ammonia, and its derivatives in the industrial zone in Ain Sokhna as part of the SCZONE's strategy 2020-2025. The strategy is based on the localisation of specific industries within its regions, including petrochemical sector industries. The complex will be established by the International Company for Methanol and Derivatives to produce methanol and ammonia. The project will be built on an area of 2m sqm in addition to storage spaces for the complex in Sokhna Port on an area of 50,000 sqm to achieve integration between the industrial zone and the port at a total cost estimated at approximately $2.6bn. The project will be developed in two phases, the first will be implemented over three years ending in 2025, at an investment cost of about $1.6bn, and the second phase with an estimated investment cost of roughly $1bn to be implemented over three years. The purpose of this complex is to achieve an added value in methanol and ammonia industry, in addition to creating export opportunities for the produced materials, and to localise this industry, as the targeted production capacity of the first phase of the project is 1m tonnes of methanol and 400,000 tonnes of ammonia annually. Yehia Zaki said that the complex aims to export its products by 100%, added that the complex provides about 1,200 direct and indirect job opportunities, in order to achieve the pillars of the economic zone's vision of providing one million jobs by 2030. The founding structure of the International Company for Methanol and Derivatives includes major local companies working in petrochemical field, namely Abu Qir Fertilizers and Chemicals Industries Company (ABUK), Helwan Fertilizers Company, and Al Ahly Capital Holding, one of the companies specialised in financial advisory. Additionally, the project is the largest complex for industries of methanol and its derivatives in the SCZone in Ain Sokhna.
