Arab Finance: The General Authority for the Suez Canal Economic Zone (SCZONE) has signed a letter of intent (LoI) with the China-based petrochemicals firm BEFAR Group to establish a green chemicals production park in East Port Said Industrial Zone, a statement showed.
The park is expected to run on green energy, solar or wind, with anticipated total investments of $2 billion, including $500 million for the first phase.
The project aims to meet the country’s need of petrochemicals, and is expected to provide around 1,000 job opportunities.