Today (March 16), COSCO SHIPPING Port announced the investment of Egypt Sukona port new container terminal 25% equity.

COSCO Shipping Port Chief Accountant Zhao Fengnian, on behalf of COSCO Shipping Port, attended the signing ceremony in Cairo, Egypt on March 15, and formally signed the project agreement with the partner.

According to reports, the project is a new terminal built by the Egyptian government in the port of Sucona. It is constructed and operated by COSCO Shipping Port and other leading enterprises in the industry. The project operation period is 30 years, and the total investment is about 0.375 billion US dollars. After the construction is completed, the terminal production will reach 1.7 million TEU.

Sukona Port is one of Egypt's major ports, located in the Suez Canal south entrance, Cairo east of about 120 kilometers, adjacent to the Suez northwest economic zone, in the East-West trade along.

According to the plan, the Suez Canal Special Economic Zone covers an area of 460.6 square kilometers and will develop into Egypt's industrial, technological center and world logistics center. Relying on the development of the special economic zone, Port Sukona will continue to enhance its competitiveness in the Red Sea port and is expected to become an important logistics hub in the region and Africa.

As the world's leading integrated port operator, COSCO Shipping Port has always regarded "continuous improvement of the global network" as one of its major development strategies.

At present, COSCO Shipping Port has a stake in the Suez Canal Terminal at Port Said in Egypt. Investing in the Port of Sucona will further refine COSCO's terminal network in the region and improve and optimize its global layout.

COSCO Shipping Port said that the successful deployment of the Egyptian Sukona Port will help promote China-Egypt, China-Africa economic and trade exchanges.

Source: China Shipping Weekly