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.
The project will be executed in two phases, with the 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 another three years.
Targeted production capacity for the first phase of the Methanol plant is one million tonnes of methanol and 400,000 tonnes of ammonia per year.
Methanex in Egypt operates a state of the art methanol production facility located in Damietta, Egypt on the Mediterranean Sea that is among the most energy-efficient methanol plants in the world with a production capacity of 1.3 million tonnes of methanol per year, primarily supplying domestic and European markets.