EMEA News
SCA Signs Agreement with Sonker Bunkering and DP World for Ain Sokhna Port Development
Egypt's Suez Canal Authority (SCA) and the Red Sea Ports Authority (RSPA) Saturday signed an agreement with Dubai Ports World (DP World) and Sonker Bunkering Company S.A.E. (Sonker) to develop the Ain Sokhna seaport, local media reports.
Mohab Mamish, SCA chairman, says that the one-year joint project will see the development of a new harbour parallel to the existing oil tanker harbour.
The agreement to upgrade the sea port will facilitate petrochemical and gas product exchange, and is part of President Abdel Fattah al-Sisi's plan to develop the Suez Canal region, says Mamish.
While the project's value was not provided, reports say that DP World and Sonker will share a 40 percent stake in the completed project equally, while the remaining 60 percent will be Egyptian-owned and supported by venture capital.
In November, Ship & Bunker reported that Egyptian banks are considering loaning the SCA another $300 million to cover its outstanding financial obligations.
