Suez Canal expansion project expected to finish in July 2023: SCA chairman
CAIRO: A project to expand parts of the Suez Canal is expected to be completed after two years of work in July 2023, the chairman of the Suez Canal Authority (SCA) said on Sunday.
The SCA announced accelerated plans to extend a second channel of the canal and to enlarge an existing channel after the Ever Given container ship ran aground and blocked the waterway for six days last year.
The channel president also added that they plan to raise the Suez Canal revenues to $7 billion in 2022 as opposed to $6.3 billion achieved in 2021, Alsharq reported.
Moreover, the Suez Canal intends to adopt new work mechanisms and controls in 2022 in green push.
That said, The Egyptian Suez Canal Authority is considering granting 10 to 20 percent reductions in transit fees for ships that comply with environmental standards as part of the Green Canal initiative push.
The canal is anticipated to turn fully green by 2023 as the authority started using renewable energy sources – such as solar and wind – in the facilities and they plan to encourage passing ships to switch to hydrogen instead of regular fuel.
Additionally, The Suez Canal is working to increase its share of world trade to more than 12%, compared to 10% achieved in 2021.
This comes as the canal is investing over $127 million (two billion pounds) to strengthen its equipment and expand the navigation course.