The General Authority for the Suez Canal Economic Zone (SCZONE) signed a letter of intent with the Chinese BEFAR Group to establish a specialized chemical production complex in the integrated area of East Port Said.
This facility is expected to leverage green energy sources, such as solar and wind power, in its production processes.
The signing ceremony was attended by Walid Gamal El-Din, head of the Authority, and Chen Li Li, Vice President of BEFAR Group, along with other leaders from the economic zone and representatives from the Chinese company, as stated in a press release.
Walid Gamal El-Din highlighted the Economic Zone’s crucial role in deepening strategic cooperation and partnership with Chinese companies and investors, especially in light of Egypt‘s inclusion in the BRICS bloc. This inclusion is anticipated to enhance economic cooperation in various sectors, both commercially and industrially.
Gamal El-Din emphasized that the letter of intent signed today with BEFAR Group CO., LTD aims to create a green chemical complex in East Port Said.
This initiative will utilize Egypt’s abundant solar and wind resources and contribute actively to combating the negative impacts of climate change by adopting policies in the economic zone’s industries to reduce carbon emissions.
This approach will also facilitate better access to global markets, as BEFAR Group relies on green energy sources in its production stages, drawing on its extensive expertise in this field. The planned project is expected to meet local and neighboring market demands for chemical products.
It’s noteworthy that the projected investment for this project in East Port Said, under the economic zone, is around $2 billion, with the initial phase investment estimated at $500 million. This investment is expected to create approximately 1,000 job opportunities.
BEFAR Group, with 50 years of leadership in specialized chemicals, petrochemicals, and new energy operations, distributes its products to over 100 countries and regions worldwide.
The company has been recognized with a prestigious Chinese award for nine consecutive years for being among the most energy-efficient industrial enterprises.
