Suez Canal fee reduction for natural gas decreases to 25%
A ship is crossing Suez canal - YOUM7 (Archive)

CAIRO: Natural gas carriers will enjoy a 25 percent reduction of the fees to cross the Suez Canal, 10 percent less than the reduction stipulated in a 1994 law, head of the waterway Mohab Mamish announced Wednesday.

The toll fees set in 2014 will remain the same; the Suez Canal Authority raised the oil tankers and petrochemical fees by five percent, and two percent for container ships and car carriers in 2013, after a three percent increase for all vessels in 2012.

The revenues of the canal amounted to $5.3 billion in 2014, marking an 8.2 percent increase from 2013, Youm7 reported Mamish as saying.

In August 2014, “the New Suez Canal” project was launched, establishing a new 72-kilometer canal parallel to the current one to speed up transit time and allow two-way traffic. The project is funded by citizens’ investment certificates worth over 60 billion EGP ($7.86 billion,) collected in about two weeks.

The Suez Canal expansion is expected to boost annual revenue up to $13.5 billion by 2023. President Abdel Fatah al-Sisi said the New Suez Canal will be put into operation within a year.

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