Suez Canal Signs Huge Energy Deals, Ups Fees

Suez Canal Signs Huge Energy Deals, Ups Fees

World-famous Suez Canal ups fees for 2024 on back of massive green deals

Egypt's Suez Canal Economic Zone has signed two energy deals worth almost US$15 billion and announced that its fees for passage will increase in 2024.

One of the energy deals is with China Energy for green ammonia and green hydrogen projects to be established in the Sokhna Industrial Zone, worth $6.75 billion, with the second with Hong Kong-listed United Energy Group to establish a potassium chloride production complex with an expected investment of up to $8 billion.

On the back of this, Egypt's Suez Canal Authority said it will raise the toll for oil tankers and other large vessels passing through the waterway by 15% effective January 15, 2024.

The increased toll applies to tankers carrying petroleum products, liquefied petroleum, liquefied gas, or chemicals as well as cargo containerships, car ferries and passenger ships

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Transport and Logistics ME