STX to develop Gargoub port in Egypt with grain silos
Mi-Sun Kang
Nov 29, 2023 (Gmt+09:00)
STX Corp., a South Korean general trading company, is expected to develop a Mediterranean port in Egypt and build grain silos at the port, a move expected to accelerate the company’s foray into the grain transportation, storage and trading business.
The Korean company announced on Wednesday that it signed a strategic partnership agreement on Monday with the Ministry of Transportation of Egypt to develop the Mediterranean port of Gargoub and an economic logistics zone near the port.
The port built by the Middle Eastern country’s navy serves the country’s logistics hub and is considered a strategically important location for the development of the western region of the country.
STX will build and manage grain silos at the port and construct other port infrastructure in phases.