CAIRO, Nov 28 (NNN-MENA) – China’s Kunming Chuan Jin Nuo Chemical Co., Ltd. (CJN), signed an agreement yesterday, with Egypt’s El Sewedy Industrial Development, to build a major integrated phosphate chemical industrial complex, in the Suez Canal Economic Zone (SCZone), east of Cairo.
The Chinese company will invest one billion U.S. dollars in the project, which will cover 905,000 square metres, in the Sokhna Industrial Zone within the SCZone, and create about 10,000 jobs, according to an Egyptian government statement.
The complex will be constructed in three phases. The first phase, starting next year, will produce phosphoric acid and fertilisers. The second phase will introduce high-purity specialised phosphate chemicals, while the third will expand into new energy battery materials, said the statement.
Egyptian Prime Minister, Mostafa Madbouly, who attended the signing ceremony, praised the project as a milestone for attracting large-scale industrial investment. SCZone Chairman, Waleid Gamal El-Dein, said, it helps localise specialised industries in Egypt.
CJN Egypt CEO, Huang Qiuhan cited Egypt’s logistics, phosphate reserves, and competitive environment as key reasons for the investment.– NNN-MENA
