Back to the complete issue
Wednesday, 25 October 2017

Big infrastructure wins for China: BYD claims to have won monorail contract in Alex, Sinohydro to build USD 1.99 bn refinery in Ain Sokhna

Big infrastructure wins for Chinese companies in Egypt. Two Chinese contractors claim to have won contracts to build megaprojects in Egypt. BYD will build a monorail transit system in Alexandria, Global Times reports. The project, for which BYD says it has inked an agreement with the “government of Alexandria,” will include the construction of a 128 km track, BYD said without revealing the cost and other details of the project. The company notes that its SkyRail monorail costs only one-fifth as much and takes only one-third as much time to construct compared to subways.

China’s Sinohydro Corp to build USD 1.99 bn refinery in Ain Sokhna: Sinohydro Corp, a subsidiary of state-owned Power Construction Corp of China (PowerChina), is also getting in on the infrastructure game. The company has reportedly signed a USD 1.99 bn contract for a refinery project with Sokhna Refinery and Petrochemicals Co (SRPC), Global Times reports. The project is set to have a planned processing capacity of 155k bpd at the initial stage. PowerChina is responsible for the design, procurement and construction of relevant facilities. Under the agreement with SRPC, the project is expected to be completed within 44 months.

The announcements coincide with the Belt and Road Initiative Forum kicking off in Cairo yesterday. The three-day trade fair brings together representatives from 27 major Chinese firms working in Egypt’s auto, construction, and garment-making industries, Al Masry Al Youm reports. Xinhua also has the story.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.