The company has signed project agreement with partnering companies for a new terminal build by Egyptian government, which will be constructed and operated by a terminal company formed by industry consortium including Cosco Shipping Ports. Hong Kong rival Hutchison Ports has also announced it is investing Ain Sokhna Port.
The operating period for the project is 30 years, the total investment is approximately $375m. The throughput capacity after completion will reach 1.7m teu.
The Port of Sokhna is one of Egypt’s major ports, located at the south of the entrance to the Suez Canal, approximately 120 kilometres east of Cairo, and is close to the northwest of Suez Canal Economic Zone as well as a gateway for trade between the east and the west.
“As a leading global ports operator, ‘continuing to improve our global terminal network’ is one of Cosco Shipping Ports’ most important development strategies. Currently, the company already has a non-controlling terminal in Egypt, the Port Said Suez Canal Terminal, and the investment in Sokhna Port will help the company improve its terminal network in the regions, as well as optimise the company’s global layout,” commented Cosco Shipping Ports.
The successful investment in Sokhna Port will also contribute to improving trade links between China and Egypt and Africa, Cosco said.
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