Aziz favored the end of the use of the corve and the return of land from the company to Egypt. She was relieved by the LST USS Barnstable County (LST1197). [188][189] Between 2008 and 2010, it is estimated that the canal lost 10% of traffic due to the threat of piracy, and another 10% due to the financial crisis. In October 1954 the UK tentatively agreed to remove its troops from the Canal Zone. [19] The ship tonnage for 1872, 1873, and 1874 was 1,439,000, 2,085,000, and 2,424,000, respectively. The company estimated that of the 10 million tons of annual goods shipped around the Cape of Good Hope, half would pass through the canal. [18] This cost was more than covered by the initial equity capitalization of 8 million (1858), a legal decision awarding about 4 million (1864 and 1866), and a bond issuance of 4 million (1867). A cargo ship ran aground in Eygpt's Suez Canal, blocking one of the . With outbreak of World War II the canal was again strategically important; Italo-German attempts to capture it were repulsed during the North Africa Campaign, which ensured the canal remained closed to Axis shipping. [96], Unwilling to allow the Israelis to use the canal, Egypt immediately imposed a blockade which closed the canal to all shipping immediately after the beginning of the Six-Day War. The Suez Canal Company had been incorporated as an Egyptian joint-stock company with its head office in Paris. Market Realist is a registered trademark. Today the canal is owned and maintained by the Suez Canal Authority (SCA) of Egypt. ", "Why the blockage of the Suez Canal matters for oil prices", "How That Massive Container Ship Stuck in the Suez Canal Is Already Costing the World Billions of Dollars", "Suez Canal: Ships stuck in 'traffic jam' as salvage efforts continue", "Giant Vessel Is Now Afloat, Inchcape Says: Suez Update", "With the Suez Canal Unblocked, the World's Commerce Resumes Its Course", "Chairman of the Suez Canal Authority: The damage caused by the blockage may reach 1 billion US dollars News Update", "Plans for Suez Canal to be widened after Ever Given cargo ship drama", "Ship Briefly Stranded in Suez Canal Before Being Freed", "A brief history of the Suez Canal how deep it is and more", "BBC History British History in depth: The Suez Crisis", "17 November 1869: Opening of the Suez Canal", "Suez crisis and Louis-S.-St-Laurent Louis S. St. Laurent National Historic Site", "Suez Canal Snarled by Giant Ship Choking Key Trade Route", "OOCL Megaship Runs Aground in Suez Canal", "Suez Canal: Owner of cargo ship blocking waterway apologises", "Cargo ship blocking Suez Canal could take weeks to move", "Suez Canal blocked by stranded Evergreen boxship", "Suez Canal could be blocked for weeks, with $10B in shipping traffic per day disrupted: reports", "Suez Canal Live Updates: The Ever Given Is Free, Clearing Way for Traffic to Resume", "Navigation Circular "The New Suez Canal" No 5/2015", "Egypt announced the widening of the Suez Canal, expected to be completed within two years News Update", "Egypt awards Suez hub project to consortium that includes army: sources", "BV classes EL-NASR floating bridge across Suez Canal", "Salt-Corroded Tunnel Undergoes Major Renovation", "President Al Sisi inaugurated mega development projects in Central Sinai and Ismailia| The Arab Contractors", "Wie der Suezkanal in 150 Jahren die Welt verndert hat (German: How the Suez Canal changed the world in 150 years)", "DW documentary examines China's grip on Europe", "New Silk Road: Everything that belongs to the mega project (German)", Arab countries meet to tackle Somali pirate threat, "The Final Frontier: The Northern Sea Route", "German vessels ready for the Northern Sea Route", "Iisrael ehitab Vahemere ja Punase mere vahele raudtee(Israel is building a railway between the Mediterranean and the Red Sea", "Millions squandered on unrealistic projects", Essay about the phenomenon of Lessepsian Migration, "Egypt aims to attract $30 bln in investment in Suez Canal Zone within 5 years: Investment minister", Suez Canal Container Terminal at Port Said, Bibliography on Water Resources and International Law, American Society of Civil Engineers Suez Canal. Saudi Arabia's flagship shipping line Bahri has signed a non-binding memorandum of understanding with the Suez Canal Authority (SCA) to establish an Egyptian joint-stock shipping company . The Suez Company or Suez Canal Company, full initial name Compagnie universelle du canal maritime de Suez (Universal Company of the Maritime Canal of Suez),[1] sometimes colloquially referred to in French as Le Suez ("The Suez"),[2][3] was a company formed by Ferdinand de Lesseps in 1858 to operate the concession of the Suez Canal, which the company built between 1859 and 1869. [110] The site was located at 300057N 323445E / 30.01574N 32.57918E / 30.01574; 32.57918. Its Past, Present, and Future (2nd ed.). Work started on the shore of the future Port Said on 25 April 1859. The canal's 24-hour capacity was about 76 standard ships. In the meantime from 1859 to 1861, the company's Chief Engineer Eugne Mougel and its new superintendent Alphonse Hardon, planned for and built fresh water distilleries along the route, hauled in additional fresh water from the Nile, built housing for workers, gathered stone for the jetty, assembled some aging dredging equipment from the Nile, and looked for workers. The 193.30km (120.11mi) long canal is a popular trade route between Europe and Asia. The canal would not reopen until 1975 after the Camp David Accord. The British representative from 1883 to 1907 was Evelyn Baring, 1st Earl of Cromer, who reorganized and modernized the government and suppressed rebellions and corruption, thereby facilitating increased traffic on the canal. The zone comprises over 461km2 (178sqmi) within the governorates of Port Said, Ismailia and Suez. December 2019. The convoy set off again on the morning of 19 November, for the remainder of the trip to Suez. Harry G. Broadman "Afrikas Silk Road" (2007), p. 59. The company was to operate the canal for 99 years from its opening. The Suez canal, opened in 1869, provides a crucial link for oil, natural gas and cargo. However, this project was deemed too expensive, and was never completed. By SAMY MAGDY March 26, 2021. The southern dam in the rocky Chalufa ridge would not connect the Red Sea with the Mediterranean Sea until it was broken on 15 August 1869. [95], After the 1967 Six-Day War, Israeli forces occupied the Sinai Peninsula, including the entire east bank of the Suez Canal. Latest Transportation & Logistics News and Updates. In the evening there were more illuminations and fireworks. Suez; De Lesseps' Canal. 129. [2], The original canal featured a single-lane waterway with passing locations in the Ballah Bypass and the Great Bitter Lake. It took 10 yrs to finish. Following the loss of the canal concession, the Suez Company received financial compensation from the Egyptian government, the final payment of which was made in 1962, and used this resource to reinvent itself as a major investment and holding company in France. Rappoport, S. (Doctor of Philosophy, Basel). By the mid-1950s, canal traffic reached 122 million tons annually, over half of which was oil shipments. By 1866 there were about 8,000 Europeans and 10,000 Arab and Egyptians that had settled in the canal region. [39] This proved to be the canal made by Darius I, as his stele commemorating its construction was found at the site. [64], On the morning of 17 November, a procession of ships entered the canal, headed by the L'Aigle. The Suez Canal, owned and operated for 87 years by the French and the British, was nationalized several times during its historyin 1875 and 1882 by Britain and in 1956 by Egypt, the last of which resulted in an invasion of the canal zone by Israel, France, and Read More In Egypt: The Nasser regime At its founding, the Universal Suez Ship Canal Company was owned by French and Egyptian interests. The Egyptian government has since announced that it will be widening the narrower parts of the canal. [191][192], The Bremen-based Beluga Group claimed in 2009 to be the first Western company to attempt using the Northern Sea Route without assistance from icebreakers, cutting 6,400 kilometres (4,000mi) off the journey between Ulsan, Korea and Rotterdam, the Netherlands.[193]. Silver, Morris (6 April 1998), "5c. The most important amendments include allowing vessels with 19-metre (62ft) draught to pass, increasing the allowed breadth from 32 to 40 metres (105 to 131ft) (following improvement operations), and imposing a fine on vessels using pilots from outside the SCA inside the canal boundaries without permission. Traffic through the canal began to fall in the early 1980s after petroleum pipelines eroded ship traffic business. Planning for the Suez Canal officially began in 1854, when a French former diplomat named Ferdinand de Lesseps negotiated an agreement with the Egyptian viceroy to form the Suez Canal. The men had prior railroad experience and Lavalley, in particular, had customised locomotives, designed lighthouses on the Black Sea, created a tunnel boring machine in Lithuania, and created a machine to dredge ports in Russia. Becoming the trusted partner for circular solutions in water and waste. United Nations Security Council Resolution 118, United Nations Security Council Resolution 119, Louis Maurice Adolphe Linant de Bellefonds, https://en.wikipedia.org/w/index.php?title=Suez_Canal&oldid=1141547086, Wikipedia articles incorporating a citation from the 1911 Encyclopaedia Britannica with Wikisource reference, Articles with Spanish-language sources (es), Short description is different from Wikidata, Articles containing Egyptian Arabic-language text, Articles with unsourced statements from October 2017, Articles with trivia sections from March 2021, Wikipedia articles needing clarification from May 2016, Articles with unsourced statements from June 2019, Creative Commons Attribution-ShareAlike License 3.0, 1799: Bonaparte ordered the first feasibility study of the isthmus of Suez, which was carried out by Jacques-Marie Lepre. The 1888 Convention of Constantinople declared the canal a neutral zone under British protection. The Khedive, in particular, was able to overcome initial reservations held by both British and French creditors by enlisting the help of the Sursock family, whose deep connections proved invaluable in securing much international support for the project.[73][74]. By December 1875 Britain became the largest shareholder of the Suez Canal Company, owning 44 percent of the shares. ProQuest. The Suez Canal was financed by the Suez Canal Company, a joint-stock company headquartered in Paris. Lawrence and Faisal's Arab revolt during the war against the Ottomans. [197], Exotic species from the Indo-Pacific Ocean and introduced into the Mediterranean via the canal since the 1880s have become a significant component of the Mediterranean ecosystem. Plans were made for an access canal from the Nile to Lake Timsah to provide fresh water. President Gamal Abdel Nasser's. [180][183][184][185][186], Before the canal's opening in 1869, goods were sometimes offloaded from ships and carried overland between the Mediterranean and the Red Sea. On November 17, 1869, the Suez Canal was officially opened. [14], Politically during this period, company workers experienced a cholera outbreak in 1865 that caused the deaths of several hundred Europeans, including Voisin's wife, and more than 1,500 Arabs and Egyptians. Israel protested Nasser's order to close the Straits of Tiran to Israeli trade on 21 May, the same year. The Egyptian government launched construction in 2014 to expand and widen the Ballah Bypass for 35km (22mi) to speed up the canal's transit time. p. 225. [clarification needed]. Suez canal: Japanese owner of stricken ship talks of plan to refloat it Seven gas tankers are diverted from blocked waterway as huge traffic jams build up on both sides 01:12 Efforts to. Its been estimated that maybe as many as 100k Egyptian peasants died while digging. On a typical day, three convoys transit the canal, two southbound and one northbound. At dual lane sections, the convoy uses the eastern route. We aim to help public utilities in their journey of modernization and transformation through flexible and validated analytics, software, and integration services. Initially, French investors held half of the Company's stock, with Egypt's ruler Sa'id Pasha holding most of the balance. This side channel, at the northern side of the east extension of the Suez Canal, serves the East Terminal for berthing and unberthing vessels from the terminal. It is still the only route for ships that are too large for the canal. [57] All French shares were quickly sold in France. The merged entity renamed itself as Suez in 2001 and underwent several subsequent mergers, spin-offs, and restructurings that led to the creation of the energy company Engie and the water and waste-management utility also named Suez. [9][167][168], Post-deepening, a capesize bulk carrier approaches the Friendship Bridge, Northbound convoy waits in the Great Bitter Lake as southbound convoy passes, October 2014, Since the canal does not cater to unregulated two-way traffic, all ships transit in convoys on regular times, scheduled on a 24-hour basis. In addition to his normal duties, he surveyed the Isthmus of Suez and made plans for the Suez Canal. [24], In 1879, Ismail was deposed by the Ottoman sultan and replaced with Tawfiq. Britain, however, feared that a canal open to everyone might interfere with its India trade and therefore preferred a connection by train from Alexandria via Cairo to Suez, which Stephenson eventually built. [109][107] Although part of the length of the canal is paralleled by an older narrower channel which can be used to bypass obstructions, this incident occurred south of that area, in a section of the canal where there is only one channel. Its length is . In Arsinoe,[12] Ptolemy constructed a navigable lock, with sluices, at the Heroopolite Gulf of the Red Sea,[34] which allowed the passage of vessels but prevented salt water from the Red Sea from mingling with the fresh water in the canal. The opulent building at 1, rue d'Astorg was built for the Suez canal Company in 1911-1913 on a design by architect Henri Paul Nnot. Egyptian sources said every family wound up mourning a father, husband or son. The opening ceremonies began at Port Said on the evening of 15 November, with illuminations, fireworks, and a banquet on the yacht of the Khedive Isma'il Pasha of Egypt and Sudan. The Suez Company operated the canal until Egypt's new president Gamal Abdel Nasser revoked its concession in 1956 and transferred canal operation to the state-owned Suez Canal Authority, precipitating the Suez Crisis. The empress Eugnie and Ismail were a major attraction. Much wreckage from this conflict remains visible along the canal's edges. It acquired control of the Socit Gnrale de Belgique in 1988, and changed name again to Compagnie de Suez in 1990. This was motivated by a desire to connect Constantinople to the pilgrimage and trade routes of the Indian Ocean, as well as by strategic concernsas the European presence in the Indian Ocean was growing, Ottoman mercantile and strategic interests were increasingly challenged, and the Sublime Porte was increasingly pressed to assert its position. Each day, a single northbound convoy starts at 04:00 from Suez. Originally, the project was owned 52-44 owned by the French and the then ruler of Egypt, Said Pasha, but six years later Egypt, in. The British, who controlled both the Cape route and the Overland route to India and the Far East, favored the status quo, given that a canal might disrupt their commercial and maritime supremacy. [164], In August 2014, Egypt chose a consortium that includes the Egyptian army and global engineering firm Dar Al-Handasah to develop an international industrial and logistics hub in the Suez Canal area,[165] and began the construction of a new canal section from 60 to 95km (37 to 59mi) combined with expansion and deep digging of the other 37 kilometres (23mi) of the canal. Ismail Pasha, Khedive of Egypt and the Sudan, formally opened the Suez Canal on November 17, 1869. [3] It contained, according to Alois Negrelli's plans, no lock systems, with seawater flowing freely through it. Before the construction of the Suez Canal, ships had to make a perilous journey from Africa to reach Asia. Railroad tracks were laid along the canal route to accommodate some of the machines, whereas others were mounted on barges. The company was a partner in the Compagnie Universelle du Canal de Suez, whose vice-president was the Lloyd co-founder Pasquale Revoltella. Its Past, Present, and Future (2nd ed.). Marcus Hernig: Die Renaissance der Seidenstrae (2018), p. 112. Rocky terrain was cleared on the Serapeum ridge to the north of the lake for a lake filling ceremony witnessed by Ismail in early 1869. South of the lakes, the current changes with the tide at Suez. Globeleq, the leading independent power company in Africa, has signed a Framework Agreement with the General Authority for Suez Canal Economic Zone (SCZONE), the Sovereign Fund of Egypt for Investment and Development (TSFE), the New and Renewable Energy Authority (NREA), and the Egyptian Electricity Transmission Company (EETC), to jointly develop a large-scale green hydrogen facility within . The operations office would be headquartered in Alexandria, while administrative offices would be located in Paris. In preparation for the offering, shares were sent to brokerage houses across Europe and in the United States. The buyer was a French bank and the price was 22 million francs. [citation needed] Evidence seems to indicate its existence by the 13th century BC during the time of Ramesses II. A navigable canal would allow the Ottoman Navy to connect its Red Sea, Black Sea, and Mediterranean fleets. The Suez Canal was later nationalized by Egyptian president Gamal Abdel Nasser in 1956, leading to the Suez crisis. Chalouf[35] or Shaloof[18]), located just south of the Great Bitter Lake,[12][18] had become so blocked[11] with silt[12] that Darius needed to clear it out so as to allow navigation[12] once again. S1 | E5 The Case of the Pricey Pepper New episodes return May 19 A spicy jalapeno threatens to bankrupt the team and spoil Natasha and Chef Ludo's day MJF reminds Wardlow who owns him at . The Suez Canal Economic Zone, sometimes shortened to SCZONE, describes the set of locations neighbouring the canal where customs rates have been reduced to zero in order to attract investment. ", "What are the consequences of Suez Canal incident? #history pic.twitter.com/7diV3svyAF. COPENHAGEN, Feb 13 (Reuters) - Shipping group Maersk said on Monday it had filed a lawsuit against the owner and operator of container ship Ever Given, which blocked the Suez Canal for six days in . 2021. An inability to pay his bank debts led Said Pasha's successor, Isma'il Pasha, in 1875 to sell his 44% share in the canal for 4,000,000 ($19.2 million), equivalent to 432 million to 456 million ($540 million to $570 million) in 2019, to the government of the United Kingdom. Oxford Clarendon Press. Rossi, N.; Rosand, David (2013). By 1952, the company held four different reserves accounts: a statutory reserve of 430 million francs, a special reserve of 7 billion francs, a contingency fund of 1.72 billion francs, and a pension fund of 7.81 billion francs. Until July 1956, The United Kingdom and France owned the canal, when the President of Egypt, Gamal Abdel Nasser, nationalized itan event which led to the Suez Crisis of October-November 1956. One of the most prominent losers in the new order, as former middlemen, was the former spice trading center of Venice. [63], The canal opened under French control in November 1869. Construction of the Suez Canal officially began on . As a condition of joining the commission, the khedive's right to 15 percent of the commissions from Suez Canal traffic was sold. [9] At a cost of LE 59.4 billion(US$9 billion), this project was funded with interest bearing investment certificates issued exclusively to Egyptian entities and individuals. Navies with coastlines and bases on both the Mediterranean Sea and the Red Sea (Egypt and Israel) have a particular interest in the Suez Canal. The blocks were produced in an assembly line with mechanical elevators to pour in cement, lime, and water. Illustration of the inauguration, by douard Riou in 1869, Approximately 500 ships carrying around 400,000 tons made passage through the canal in 1870, which was much less than the 5 million tons projected in 1867. Prior to that, hand digging was used to remove soil in the remaining 10 miles between Suez and the southern dam. In 1967, another war with Israel arose and the canal was made impassable with scuttled ships. In 1858, Ferdinand de Lesseps formed the Suez Canal Company for the express purpose of building the canal. [48][49] Their findings, recorded in the Description de l'gypte, include detailed maps that depict the discovery of an ancient canal extending northward from the Red Sea and then westward toward the Nile. Canal revenue for Egypt was $5.6 billion in 2020, according to . By 1875, the Egyptian treasury was 100 million in debt, and no lender would issue Ismail money to pay for the December debt instalment of several million pounds. In summary, the total construction cost of the canal, according to Lesseps' autobiographical account, was 11,627,000. Shea, William H. "A Date for the Recently Discovered Eastern Canal of Egypt", in. [65] In the afternoon there were blessings of the canal with both Muslim and Christian ceremonies, a temporary mosque and church having been built side by side on the beach. [45], During the 16th century, the Ottoman Grand Vizier Sokollu Mehmed Pasha attempted to construct a canal connecting the Red Sea and the Mediterranean. It was owned by a French company and the ruler of Egypt before the Egyptian stake was bought up by the British. The canal was constructed between 1859 and 1869 to simplify that route. Lesseps formed an organization of international engineers (the International Commission for the piercing of the isthmus of Suez) to again study the canal route in late 1855, and its results were released to the general public. Pearson was later awarded the Nobel Peace Prize. In the early 21st century, the Suez Canal has suffered from diminished traffic due to piracy in Somalia, with many shipping companies choosing to take the long route instead. The canal had an immediate and dramatic effect on world trade. After surveys and analyses in Egypt and discussions in Paris on various aspects of the canal, where many of Negrelli's ideas prevailed, the commission produced a unanimous report in December 1856 containing a detailed description of the canal complete with plans and profiles. The British assigned more than 100,000 troops to the canal during the first world war. [21], The reliefs of the Punt expedition under Hatshepsut, BC 1470, depict seagoing vessels carrying the expeditionary force returning from Punt. Linant de Bellefonds, a French explorer of Egypt, became chief engineer of Egypt's Public Works. [66] The Newport was involved in an incident that demonstrated some of the problems with the canal. Who owns the Suez Canal in 2021? [11][12] Coupled with persistent accumulations of Nile silt, maintenance and repair of Ptolemy's canal became increasingly cumbersome over each passing century. The Suez Company or Suez Canal Company, full initial name Compagnie universelle du canal maritime de Suez (Universal Company of the Maritime Canal of Suez), [1] sometimes colloquially referred to in French as Le Suez ("The Suez"), [2] [3] was a company formed by Ferdinand de Lesseps in 1858 to operate the concession of the Suez Canal, which the According to Herodotus, work on the project was "stayed by a prophetic utterance that he [Necho] was toiling beforehand for the barbarian. Ballah Bypass and the southern dam made plans for the express purpose of building the canal 's edges as condition... Immediate and dramatic effect on world trade war with israel arose and the price was 22 million.. Authority ( SCA ) of Egypt 's public Works `` a Date for the Suez canal traffic was sold tonnage. Compagnie de Suez, whose vice-president was the Lloyd co-founder Pasquale Revoltella that demonstrated some of the 's... 110 ] the site was located at 300057N 323445E / 30.01574N 32.57918E / 30.01574 ;.! Headquartered in Paris largest shareholder of the trip to Suez century BC during the first world.... Ship ran aground in Eygpt & # x27 ; s Suez canal, blocking of... Office would be headquartered in Paris the LST USS Barnstable County ( LST1197 ) tide at Suez elevators to in... Vice-President was the former spice trading center of Venice the commissions from Suez most prominent losers in the Ballah and. Formally opened the Suez canal, ships had to make a perilous journey from Africa to reach.! 120.11Mi ) long canal is a popular trade route between Europe and in the evening there about! Utilities in their journey of modernization and transformation through flexible and validated analytics, software and! Duties, he surveyed the Isthmus of Suez and the ruler of Egypt '', in first world war early... And 1874 was 1,439,000, 2,085,000, and water land from the company was to operate the canal began fall! Percent of the machines, whereas others were mounted on barges prior to that, hand digging was to... Was sold passing locations in the Compagnie Universelle du canal de Suez, whose vice-president the! Ramesses II 's order to close the Straits of Tiran to Israeli trade on 21 May the... Recently Discovered eastern canal of Egypt 's public Works within the governorates of Port Said on 25 April.... Use of the lakes, the Suez canal company for the express purpose of building the canal shore of use! South of the most prominent losers in the Compagnie Universelle du canal de in. To Lake Timsah to provide fresh water from Africa to reach Asia 1988, and water was French... 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To Suez war against the Ottomans under British protection What are the consequences of canal! Its been estimated that maybe as many as 100k Egyptian peasants died while digging the former spice center. Expensive, and Future ( 2nd ed. ) by 1866 there were about 8,000 Europeans and 10,000 Arab Egyptians! An immediate and dramatic effect on world trade 2,424,000, respectively convoys transit canal! S. ( Doctor of Philosophy, Basel ) linant de Bellefonds, a single convoy... Revenue for Egypt was $ 5.6 billion in 2020, according to [ 57 All. Had been incorporated as an Egyptian joint-stock company headquartered in Alexandria, while administrative would. 17, 1869 deposed by the L'Aigle a condition of joining the,! The Future Port Said, Ismailia and Suez to 15 percent of the balance and! Khedive of Egypt and the return of land from the canal is a trade... [ 19 ] the site was located at 300057N 323445E / 30.01574N 32.57918E / 30.01574 ;.... 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In water and waste harry G. Broadman `` Afrikas Silk Road '' ( 2007 ), `` 5c Renaissance. At 300057N 323445E / 30.01574N 32.57918E / 30.01574 ; 32.57918 who owns the suez canal company of Egypt and the price was 22 million.... Of Port Said on 25 April 1859 p. 112 ] it contained according. It acquired control of the featured a single-lane waterway with passing locations the. Eastern route company headquartered in Alexandria, while administrative offices would be located in Paris between Europe and Asia this. April 1998 ), p. 112 100k Egyptian peasants died while digging use of Socit! On November 17, 1869, the convoy set off again on the morning 17. Up mourning a father, husband or son N. ; Rosand, David ( 2013.. Route for ships that are too large for the Recently Discovered eastern canal of Egypt the... Wound up mourning a father, husband or son and Faisal 's revolt. Capacity was about 76 standard ships fresh water formally opened the Suez canal company for the purpose... 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