South Korean firm to develop Gargoub industrial zone + port: Egypt’s transport ministry has inked an MoU with South Korean trading company STX Corporation for developments and a strategic partnership at Gargoub Special Economic Zone (GSEZ), according to a transport ministry statement. As per the agreement’s terms, STX will engage with Egypt’s government to upgrade Gargoub’s port and establish an industrial-logistics zone in the area.

This is a big project for Egypt’s transit trade ambitions: Described by the ministry as “an integrated economic, industrial, development and agricultural zone,” the plan will see the establishment of an industrial zone, a container terminal for the transshipment of East Asian goods bound for North and South America, an oil pipeline linking oil fields in Libya with export terminals at the port, a logistical center for the consolidation of shipping routes, as well as agricultural, residential and tourist developments.

Who’s doing what? Gargoub Port Company will equip, manage, operate and maintain the port’s infrastructure, while STX will submit a feasibility study for the development of the project in all its stages. The statement did not disclose a further breakdown of STX’s specific roles in the project.

What else is going on at Gargoub? Asides from the agreement with STX,Egypt’s plans to develop Gargoub includes the addition of 8 km of terminals at the port, a grain production and trading hub, as well as facilities for the production and export of green hydrogen, the statement added.

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