Ambitious Egyptian plan for developing the Suez Canal
Egypt, Economics, 7/29/1998
Admiral Ahmed Fadel, the executive chairman for the Suez Canal, announced an ambitious Egyptian plan for developing the Suez canal.
This plan that includes a major expansion of the water way of the Canal came during declarations within celebrations of the 42nd anniversary of the canal's nationalization by the late Egyptian president Gamal Abdul Nasser.
Fadel added that the canal's income during the first part of the current year reached $120 million, an increase of $1.7 million over the same period last year due to the increase of petroleum tankers passing through the canal, which comes as part of the coordination plan between the canal and the Somid line owned by Saudi Arabia, Qatar, Bahrain and Egypt.
The Somid line will allow petroleum to be transported from Sidi Kerir on the Mediterranean Sea to El-Ain El-Sokhna on the Red Sea, a matter which will reduce the number of major vessels which cannot cross the canal due to the narrowness of the waterway.
Fadel confirmed that the organization's policies in the coming period will focus on developing the marine stream through expansion of the water way, a better control system, presenting marine services to the crossing ships, and increasing awareness of the competitive advantage of the Canal provide.
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