By Mohamed Ahmed
Chairman of the Suez Canal Authority (SCA) Vice Admiral Mohab Mamish signed a settlement agreement with Qalaa Holding’s Mashreq Petroleum Company Saturday.
The agreement involves the General Authority of the Suez Canal Economic Zone regaining lands affiliated to the company in the East Port Said Port in preparation to utilise them as part of the state’s development plan. Areas of the lands are estimated at 210,000 sqm and will be completely restored to the authority.
In exchange, the Egyptian government will compensate the company for all its previous expenses that were spent on land preparations.
The agreement was reviewed and approved by all involved legal bodies and was signed by Mamish and Chairman of Mashreq Ahmed Haikal.
The agreement came at the behest of President Abdel Fattah Al-Sisi to resolve outstanding matters with the company to begin the development of East Port Said Port within the general outline of the Suez Canal Axis Development project.
Mashreq Petroleum announced in May 2013 that a concession agreement of a 25-year-period was signed with the Port Said Port Authority, including five years with the condition of achieving 90% of the target plan. The launching of the first project of its kind in Egypt will begin, including the establishment of an integrated terminal to store and handle liquid casting products and provide ships with fuel.