{"id":554156,"date":"2021-12-22T03:57:27","date_gmt":"2021-12-22T03:57:27","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/sczone-signs-off-on-land-contract-for-usd-2-6-bn-methanol-plant-in-ain-sokhna\/"},"modified":"2021-12-22T03:57:27","modified_gmt":"2021-12-22T03:57:27","slug":"sczone-signs-off-on-land-contract-for-usd-2-6-bn-methanol-plant-in-ain-sokhna","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/sczone-signs-off-on-land-contract-for-usd-2-6-bn-methanol-plant-in-ain-sokhna\/","title":{"rendered":"SCZone signs off on land contract for USD 2.6 bn methanol plant in Ain Sokhna"},"content":{"rendered":"

<\/a> SCZone signs off on Ain Sokhna\u2019s USD 2.6 bn methanol plant:<\/strong> The General Authority for the Suez Canal Economic Zone (SCZone) has signed a land use contract with a company jointly owned by Abu Qir Fertilizers, Helwan Fertilizers, and Al Ahly Capital Holding, to establish a methanol plant at Egypt's Ain Sokhna port and industrial complex, according to a cabinet statement<\/a>.<\/p>\n

The first phase of the plant is expected to be completed in 2025<\/strong> and cost USD 1.6 bn, while the second and final USD 1 bn phase will take another three years, according to the statement. First announced over the summer,<\/a> the plant aims to produce 1 mn tons of methanol and 400k tons of ammonia annually, a portion of which will be exported.<\/p>\n

The state moves into methanol:<\/strong> Referred to in the cabinet statement as International Methanol Company, the company established by the Oil Ministry to build and run the methanol plant was formed in August under the name Misr Methanol. Abu Qir and Helwan each hold a 35% stake, and Al Ahly Capital holds the remaining 30% stake. The new entrant to Egypt\u2019s petrochemicals industry joins Methanex<\/a>, which for a decade has been Egypt\u2019s only methanol producer.<\/p>\n

Ain Sokhna is on track to become one of the largest petchem complexes in Africa: <\/strong>The SCZone in May signed a USD 7.5 bn agreement<\/a> with the Red Sea National Refining and Petrochemicals Company to build one of the biggest petrochemical complexes in Africa and the Middle East, also in the Ain Sokhna industrial zone.<\/p>\n

OTHER NEWS FROM INDUSTRY-<\/strong><\/p>\n

Oriental Weavers will invest USD 15 mn to upgrade looms and machinery in 2022<\/strong>, the company announced in a press release (pdf)<\/a>.<\/p>\n

Turkish UPVC gets anti-dumping duties: <\/strong>The Trade Ministry will impose anti-dumping duties on Turkish imports of unplasticized polyvinyl chloride (UPVC) for a five-year period in a bid to protect the local industry, according to a ministry statement<\/a>. The decision will come into effect once it\u2019s published in the Official Gazette. UPVC is a building material used in place of wood in things like window frames, sliding doors, drains and plumbing.<\/p>\n","protected":false},"excerpt":{"rendered":"

SCZone signs off on Ain Sokhna\u2019s USD 2.6 bn methanol plant: The General Authority for the Suez Canal Economic Zone (SCZone) has signed a land use contract with a company jointly owned by Abu Qir Fertilizers, Helwan Fertilizers, and Al Ahly Capital Holding, to establish a methanol plant at Egypt's Ain Sokhna port and industrial […]<\/p>\n","protected":false},"author":1,"featured_media":554157,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7255],"tags":[72,131,1202,427],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-554156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manufacturing","tag-enterpriseam","tag-manufacturing","tag-oriental-weavers","tag-pharma","wpautop","entry"],"acf":{"mongo_id":"421bbe7e-ffb4-4d3c-92ad-0fea152b4913","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/12\/448.jpg","photo_position":"above","related_issue":[554150],"teaser":"","voice_url":""},"yoast_head":"\nSCZone signs off on land contract for USD 2.6 bn methanol plant in Ain Sokhna - 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Shaker said back in 2018 that the connection\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/272.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":611303,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/05\/the-state-wants-an-even-bigger-share-of-the-countrys-nascent-green-fuel-industry\/","url_meta":{"origin":554156,"position":1},"title":"The state wants an even bigger share of the country\u2019s nascent green fuel industry","author":"enterpriseam admin","date":"5 December 2023","format":false,"excerpt":"The project will be set up by Helwan Fertilizers, Abu Qir Fertilizers, and Al Ahly Capital Holding","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/172.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":554613,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/21\/this-evening-thousands-of-firms-get-temporary-minimum-wage-exemption-omicron-to-hit-global-growth-try-rollercoaster\/","url_meta":{"origin":554156,"position":2},"title":"THIS EVENING: Thousands of firms get temporary minimum wage exemption + Omicron to hit global growth + TRY rollercoaster.","author":"enterpriseam admin","date":"21 December 2021","format":false,"excerpt":"Good afternoon, friends, and welcome to the calm after the storm. The snow has melted, the winds have died down, our ports have reopened after the windy weather forced their closure, and the global markets are stabilizing as dip-buyers reemerge following yesterday\u2019s Omicron-induced selloff.That said, the news cycle continues to\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":564345,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/25\/look-out-methanex\/","url_meta":{"origin":554156,"position":3},"title":"Look out Methanex","author":"enterpriseam admin","date":"25 August 2021","format":false,"excerpt":"The Oil Ministry has formed a new state-owned petrochemicals company that will join Methanex in producing methanol in Egypt. A shareholder agreement has been signed establishing Misr Methanol and Petrochemicals, which will manufacture methanol, ammonia, and other petrochemicals, the Oil Ministry announced today in a statement.Around USD 1.6 bn will\u2026","rel":"","context":"In "SPEED ROUND: ENERGY"","block_context":{"text":"SPEED ROUND: ENERGY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/525.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":611217,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/04\/scatec-sczone-ink-usd-1-1-bn-green-methanol-agreement\/","url_meta":{"origin":554156,"position":4},"title":"Scatec, SCZone ink USD 1.1 bn green methanol agreement","author":"enterpriseam admin","date":"4 December 2023","format":false,"excerpt":"Egypt has been shut out of Western capital markets, forcing it to turn to to more unconventional sources of finance","rel":"","context":"In \"COP28\"","block_context":{"text":"COP28","link":"https:\/\/enterpriseam.com\/egypt\/tag\/cop28\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/154.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546043,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/egypt-signs-green-energy-agreements\/","url_meta":{"origin":554156,"position":5},"title":"Egypt signs green energy agreements","author":"enterpriseam admin","date":"26 April 2022","format":false,"excerpt":"Egypt has signed major agreements with international companies to produce green energy in the Suez Canal Economic Zone (SCZone) in a step that could help turn the zone into a green energy hub. French energy giant EDF Renewables and Emirati energy firms AMEA Power and Masdar have agreed to establish\u2026","rel":"","context":"In "Green economy"","block_context":{"text":"Green economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/green-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/350.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/554156","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=554156"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/554156\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/554150"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/554157"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=554156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=554156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=554156"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=554156"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=554156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}