RIYADH: The Suez Canal Economic Zone has signed a $2.6 billion contract to build an international methanol and ammonia production complex in Ain Sukhna in Egypt, on the western shore of the Red Sea.
The project will be implemented in two phases, with the first ending in 2025 at a cost of about $1.6 billion.
The second, at an estimated cost of $1 billion, will do so over three years.
The production capacity of the first phase is estimated at 1 million tons of methanol and 400,000 tons of ammonia annually, according to a statement.
The complex aims to export all of this, in line with Egypt's plan to increase exports of petrochemical products, the head of the economic zone, Yahya Zaki, said.
The complex will provide about 1,200 direct and indirect job opportunities, Zaki added.
