The project will begin with the first phase, covering an area of 200,000 square meters, while the second phase will include expansions of an area of 200,000 square meters. The total investment cost is estimated at $500 million (EGP 25.5 billion), divided into two phases. The investment cost for the first phase is $300 million, and the second phase is $200 million. This will create approximately 800 job opportunities. Construction work for the first phase is scheduled to be completed within 18 months. The project aims to establish the first green chemical facility in Egypt and the world. The project's first phase will rely on clean energy for operation.
The inauguration ceremony was attended by Major General
Tarek El Shazly, Governor of Suez, a number of executive leaders from the
authority, a number of leaders from the industrial developer TEDA-Egypt, and
representatives from the project company.
Gamal El Din clarified that this project carries a
message of sustainability, leadership, and comprehensive economic renaissance.
Sai Ying Hui, Senior Vice President of Befar, clarified
that the group was founded in 1968, and has more than 50 years of experience in
the fields of specialty chemicals, petrochemicals, and new energy businesses,
and exports its products to more than 100 countries and regions around the
world. It also occupies the first place in the Chinese market in a number of
products, such as allyl chloride, trichlorethylene, granulated caustic soda, caustic
soda flakes, and others. He stressed that the project will be launched soon due
to the strong support of the General Authority for the Suez Canal Economic
Zone, the cooperation of the Chinese-African TEDA Investment Company, in
addition to the contributions of many partners.
It is worth noting that the Binhua (Befar) Group chemical project was signed during the Chairman of the Authority's promotional tour on the sidelines of the China-Africa Cooperation Forum in September 2024, reflecting the seriousness of the efforts made to attract investment and localize industries within the Suez Canal Economic Zone.