China's Befar Group breaks ground on $500mln chlor-alkali project in Egypt
Chinese chemical giant Befar Group (Binhua) has broken ground on a $500 million chlor-alkali project in Egypt's Sokhna Industrial Zone
The project, located within TEDA-Egypt's industrial park, will have a total production capacity of 100,000 tonnes, SCZONE said in a press statement.
The statement said the project is being developed in two phases, each covering 200,000 square metres (sqm), with $300 million allocated to the first phase and $200 million to the second.
Construction for the first phase is expected to be completed within 18 months.
According to the statement, the facility is set to become Egypt's first green chemical plant, relying on a mix of wind and solar energy, electricity, and natural gas to generate steam for operations.
Waleid Gamal El-Dien, Chairman of SCZONE said the project is expected to create around 800 jobs and will contribute to import substitution and the localisation of strategic industries.
'This project is part of an integrated system for mineral extraction from seawater, including the production of bromine and other supporting and feeder industries,' he added.
Yinghui Cai, Vice President, Befar Group praised the support from SCZONE, TEDA-Egypt, and project partners, noting that the group currently exports to more than 100 countries and holds leading positions in the Chinese market for products such as allyl chloride, trichloroethylene, and caustic soda.
The project agreement was signed during SCZONE's investment promotion tour on the sidelines of the Forum on China–Africa Cooperation (FOCAC) in September 2024.
(Writing by Eman Hamed; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Etihad
2 hours ago
- Al Etihad
Asian markets extend gains as China-US talks head into second day
10 June 2025 08:33 Hong Kong (AFP) Asian stocks squeezed out more gains Tuesday as the latest round of China-US trade talks moved into a second day, with one of Donald Trump's top advisers saying he expected "a big, strong handshake".There is optimism the negotiations -- which come after the US president spoke to Chinese counterpart Xi Jinping last week -- will bring some much-needed calm to markets and ease tensions between the economic advances in Asian equities built on Monday's rally and followed a broadly positive day on Wall Street, where the S&P 500 edged closer to the record high touched earlier in the week's meeting in London will look to smooth key issues on the agenda at the talks are expected to be exports of rare earth minerals used in a wide range of things including smartphones and electric vehicle batteries."In Geneva, we had agreed to lower tariffs on them, and they had agreed to release the magnets and rare earths that we need throughout the economy," Trump's top economic adviser, Kevin Hassett, told CNBC on even though Beijing was releasing some supplies, "it was going a lot slower than some companies believed was optimal", he he said he expected "a big, strong handshake" at the end of the talks."Our expectation is that after the handshake, any export controls from the US will be eased, and the rare earths will be released in volume," Hassett also said the Trump administration might be willing to ease some recent curbs on tech president told reporters at the White House: "We are doing well with China. China's not easy."I'm only getting good reports."Tokyo led gains in Asian markets, with Hong Kong, Shanghai, Sydney, Seoul, Singapore, Taipei, Wellington and Jakarta also well up."The bulls will layer into risk on any rhetoric that publicly keeps the two sides at the table," said Pepperstone's Chris Weston."And with the meeting spilling over to a second day, the idea of some sort of loose agreement is enough to underpin the grind higher in US equity and risk exposures more broadly."Investors are also awaiting key US inflation data this week, which could impact the Federal Reserve's monetary policy amid warnings Trump's tariffs will refuel inflation strengthening the argument to keep interest rates on it also faces pressure from the president to cut rates, with bank officials due to make a decision at their meeting next week. While recent jobs data has eased concerns about the US economy, analysts remain cautious. Stock Markets Continue full coverage
Arabian Post
3 hours ago
- Arabian Post
Diplomats Seek Breakthrough in London Trade Truce
Top-level officials from Washington and Beijing convened at London's historic Lancaster House to try to uphold a fragile trade truce. The US team—led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer—pressed China to lift export restrictions on rare earth minerals, a linchpin in sectors from electric vehicles to semiconductors. China's delegation, headed by Vice‑Premier He Lifeng and joined by Commerce Minister Wang Wentao and vice‑minister Li Chenggang, emphasised sustaining the state‑driven economic model while seeking concessions on US visa rules and technology access. Talks resumed for a second day, with a declared focus on export‐control mechanisms that threaten to unravel the Geneva‐brokered tariff truce agreed on 12 May. That earlier pact suspended punitive levies exceeding 100 percent for 90 days, offering markets a brief reprieve. The inclusion of Howard Lutnick underscores the significance of rare earths, as Washington eyes relief from export curbs imposed this year. Economic data highlights the toll of stifled trade: China's exports to the US plunged 34.5 percent year‑on‑year in May—the steepest decline since early 2020—driven by both tariff escalation and export restrictions. In the US, while inflation remains subdued and employment resilient, early indicators hint at a cooling economy amid these disruptions. ADVERTISEMENT Diplomatic momentum emanates from a phone call between President Donald Trump and President Xi Jinping on 5 June—their first such exchange since Trump's inauguration—where Xi reportedly signalled Beijing's willingness to resume shipments of rare earths. Trump later described the discussion as yielding 'very positive' outcomes and claimed he was 'only getting good reports' from the London delegation. US National Economic Council Chairman Kevin Hassett offered further assurances, stating the administration was preparing to ease certain high‑tech export restrictions and expecting China to significantly ramp up rare earth shipments. Chinese officials upheld their stance on economic self‑reliance, under Xi's 'dual‑circulation' policy, signalling reluctance to overhaul structural economic controls. Analysts suggest Beijing may exchange modest export concessions for US rollbacks on visa limits for Chinese nationals and access to cutting‑edge semiconductor technology. Despite the diplomatic overtures, analysts caution that ambitions for sweeping reform are unlikely. The US retains a hawkish posture and is pursuing broader decoupling from China on strategic supply chains, reducing the odds of a comprehensive agreement. Eurasia Group chief Ian Bremmer warned there was 'little prospect for the bilateral relationship to become constructive' amid entrenched structural differences. European manufacturers, notably German automakers, have raised alarm over supply bottlenecks from China's rare earth export licensing regime, implemented in April, citing risks to global production schedules. The talks have therefore resonated well beyond the bilateral agenda, prompting heightened interest from supply‑chain dependent nations. UK officials, though officially not party to the negotiations, provided logistical support and voiced encouragement. Chancellor Rachel Reeves met with both delegations on the sidelines, while Business Secretary Jonathan Reynolds engaged with Chinese counterparts. British leaders clearly signalled a preference for diplomacy, stating that a trade war 'is in nobody's interests'. Institutionally, this dialogue reflects the newly established China‑US economic and trade consultation mechanism, replacing previous multi‑track platforms and underscoring a shift towards direct and high‑level engagement. Legal complications persist in Washington: the Trump administration is appealing a federal ruling that its tariff actions exceed presidential authority. A decision from the appellate court, possibly extending to the Supreme Court, could determine whether tariffs remain in force during the review process. Markets responded with tentative optimism: global equities recovered a significant portion of pre‑talk losses following the Geneva truce and subsequent London announcements. However, investors remained cautious, aware the staged progress may not translate into lasting reform. The London round, stretching into Tuesday, is shaped by urgency driven from both capitals. Washington seeks tangible actions: resumed access to rare earths and easing of advanced technology curbs. Beijing aims to protect its economic model while negotiating incremental gains, such as improved visa issuance and broader recognition of Chinese tech firms. This high‑stakes diplomacy marks a pivotal moment in a wider geopolitical contest for economic supremacy. Whether the Lancaster House talks blossom into a durable détente or merely delay the next escalation depends on bridging both substantive and strategic divides.
Zawya
4 hours ago
- Zawya
Egypt aims to ease investor burdens in coming period: Finance Minister
Egypt - Ahmed Kouchouk, Egypt's Minister of Finance, reaffirmed the government's commitment to reducing the financial and procedural burdens on investors, emphasizing that the focus remains on expanding the tax base rather than increasing rates. In a statement released Monday, Kouchouk highlighted that ongoing reforms aim to alleviate both tax and non-tax pressures on businesses. This includes simplifying procedures and unifying collection authorities under a more efficient and investor-friendly system. 'We are implementing a practical and ambitious programme to reduce non-tax burdens and streamline obligations for our taxpayer partners,' he said, adding that a new package of incentives will be introduced in the next fiscal year to build on the current pro-growth tax trajectory. The minister noted that the government is working to rebuild trust with the business community, pointing out that the initial set of facilitative measures has already encouraged many new taxpayers to enter the system. Kouchouk revealed that preliminary results from the current incentive programme will be announced at a press conference before the end of the month. He also observed growing optimism within the business sector and among senior officials at the Egyptian Tax Authority. 'A 38% increase in tax revenues over the past ten months—achieved without imposing additional burdens—is a clear signal that we are on the right track toward fostering a climate of trust and cooperation,' he said.
