COSCO in Sokhna

COSCO Shipping Ports has confirmed it has signed a deal to acquire a 25 per cent stake in the 1.7 million TEU per annum Sokhna New Container Terminal being developed by the Egyptian government. In a filing to the Hong Kong stock exchange, the company said the US$375 million investment is for a 30-year agreement. CMA CGM and Hutchison Ports are partners in the US$1,6bn deal. Located at the southern entrance to the Suez Canal, the Port of Sokhna is approximately 120km east of Cairo.