Cairo – Mubasher: The General Authority for Suez Canal Economic Zone (SCZone) has signed an agreement to establish a $2.6 billion integrated industrial complex for the production of methanol, ammonia, and derivatives in the industrial zone of Ain Sokhna.

Spanning over 2 million square metres, the complex is in line with SCZone's 2020-2025 strategy to localise some industries, including the petrochemical sector, and increase Egypt's exports, according to a press release on Tuesday.

To be completed in 2025, the first phase of the international company for methanol and its derivatives, valued at around $1.6 billion, will have a total production capacity of 1 million tonnes of methanol and 400,000 tonnes of ammonia annually.

Meanwhile, the three-year second phase will have total investments of about $1 billion.

The Chairman of SCZone, Yehia Zaki, said: "The project helps to create direct and indirect job opportunities estimated at 1,200 jobs for Egyptian youth to achieve one of the most important pillars of the economic zone’s vision, which is providing one million jobs by 2030."