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Suez Canal Authority inked a $500 million deal to build 2nd container terminal in East Port Said
Posted on November 21, 2022 |
- The General Authority of the Suez Canal Economic Zone (SCZONE) and Suez Canal Container Terminal (SCCT) signed a $500 million settlement agreement to establish a 2nd container terminal in East Port Said.
- On 15 November, Waleid Gamal El-Dein, Chairman of the General Authority for SCZONE, and Steven Yoogalingam, CEO and Managing Director of SCCT signed the contract during the sideline of the UN climate summit (COP27).
- Under the contract, SCCT will finance, design, construct, manage, and operate the new terminal.
- This project is in line with SCZONE’s plan to expand its affiliated ports to help the global trade movement and play a key role in the transportation of green fuel.
- At present, the terminal is operating with a berth length of 2,400 meters and a handling yard of 1.2 million square meters, with an annual throughput of 4 million TEU.
- The project will expand the current SCCT Container Terminal at East Said Port to 955 meters and a handling yard of 510,000 square meters, for an additional annual capacity of 2 million TEU.