CAIRO, July 27. /TASS/. Egypt intends to build the third shipping lane of the Suez Canal that links the Mediterranean and Red Seas, Suez Canal Authority Chairman, Admiral Mohab Mamish said on Monday.
He said this would be "a separate shipway to extend east of the town of Port Said." The new shipway will be 9.5 km (5.9 miles) long and will allow vessels to sail in both directions simultaneously.
The new shipping lane’s depth near Port Said will allow the passage of vessels with the maximum draft, the admiral said.
Egypt will hold an official ceremony on August 6 to open the new 72-km (45-mile) Suez Canal. Its construction was completed in mid-July and cost Egypt $8 billion.
The second Suez Canal will double the Canal’s capacity from 49 to 97 vessels a day as ships will be able to pass in both directions simultaneously, using the old and new waterways.
Cairo expects revenues from the operation of the Suez Canal system at least to triple by 2023 to over $15 billion.
The Suze Canal that opened in 1869 keeps the positions of the world’s most important water artery. This is the shortest sea way from Europe to Asia and the cheapest method of cargo transportation.