Suez Canal revenues to hit $ 2.5 billion

Egypt's Suez Canal Chairman Ahmed Ali Fadel expects Suez Canal revenues to rise to about $ 2.5 billion when work is completed to dig branch (kilo 7) that is 23 kilometers long and will be built at a cost of LE. 1.2 billion.

ÊÊÊ The new branch will save about six hours of the time of crossing the Suez Canal and is being built at the same time work is in progress to deepen and widen the navigation course of the canal to a depth of 72 meters by 2010, Fadel said. The draft is 62 feet at present.

ÊÊÊ This will enable ships of 360,000 tonnage (compared with 210,000 tons at present) to pass through the waterway.