(Reuters) – Egypt’s Suez Canal Economic Zone on Tuesday signed a $2.6 billion contract to build a methanol plant at Egypt’s Ain Sokhna port and industrial complex, it said in a statement.
The project will be executed in two phases, with completion of the first by 2025 at an investment cost of about $1.6 billion. The second phase, with an estimated cost of about $1 billion, is to be completed over a further three years.
Targeted production capacity for the first phase is one million tonnes of methanol and 400,000 tonnes of ammonia per year.
(Reporting by Nayera Abdallah; Editing by David Goodman)
