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Egypt's Suez Canal Revenues Hit $6.3b in 2021 vs $5.6b in 2020

Egypt's Suez Canal Revenues Hit $6.3b in 2021 vs $5.6b in 2020

Sunday, 2 January, 2022 - 11:00
Ships are seen at the entrance of the Suez Canal, Egypt March 26, 2021. REUTERS/Mohamed Abd El Ghany/File Photo

Egypt's Suez Canal revenues hit an all-time high in 2021 of $6.3 billion, versus $5.6 billion in 2020, canal spokesperson George Safwat said on Sunday.

Some 20,694 ships transited the canal in 2021, against 18,830 in 2020, a 10% increase, he added.

Earlier in December, the Suez Canal Economic Zone signed a $2.6 billion contract to build a methanol plant at Egypt's Ain Sokhna port and industrial complex.

The project will be executed in two phases, with completion of the first by 2025 at an investment cost of about $1.6 billion.

The second phase, with an estimated cost of about $1 billion, is to be completed over a further three years.

Targeted production capacity for the first phase is one million tonnes of methanol and 400,000 tonnes of ammonia per year.

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