Egypt signs MoU for 1st project of ship scrapping, recycling
Updated 5/29/2024 11:34:00 AM
Arab Finance: Egypt’s Holding Company for Maritime and Land Transport and El Wehda Industrial Development have signed a memorandum of understanding (MoU) to implement the country’s first ship scrapping and recycling project, as per a statement.
Spanning 155,000 square meters, the project will be built west of the Damietta Port's western barrier.
It involves the construction of a sea barrier extending one and a half kilometers to combat siltation, with dredging operations adhering to Ministry of Transport guidelines.
Minister of Transport Kamel El-Wazir said that the project will enhance the iron and steel industry by replacing imported solid scrap with locally sourced materials from ship recycling.
In addition, the project will establish a scrapyard capable of handling vessels of all sizes, adhering to international standards.
This infrastructure will facilitate the procurement of ships in accordance with global regulations such as those outlined in the Hong Kong and Basel conventions, as well as European ship recycling regulations.
Over five years, the project is anticipated to generate 1.5 million tons of scrap annually, thus fulfilling 66% of the local market's demand for scrap and curbing reliance on imports, the statement highlighted.
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