The General Authority of the Suez Canal Economic Zone (SCZONE), the Petroleum Technical Office, and Scatec ASA have signed a Memorandum of Understanding (MoU) to grant Scatec a licence to practise ship bunkering with green fuel in East Port Said.
The investment is approximately $1.1 billion (including investments in clean energy generation), and the manufacturing capacity of green methanol will reportedly reach 100,000 tonnes/year by 2027, with an electrolyser power of 190 megawatts (MW) based on 317 MW of wind power and 140 MW of solar power.
Tarek El Molla, Egyptian Minister of Petroleum and Mineral Resources, Dr. Rania Al-Mashat, Egyptian Minister of International Cooperation, and officials from the African Development Bank and British International Investment attended the signing event.
Waleid Gamal El-Dien, Chairman of SCZONE, stated: “The signing of a new MoU with Scatec represents an extension of the partnership that began with the company’s first project in SCZONE, which was inaugurated by President Abdel Fattah El-Sisi on the sidelines of COP27 in November 2022, and recently succeeded in exporting the world’s first shipment of green ammonia.
“SCZONE’s regional pioneering in the green bunkering field came as a result of SCZONE’s ports readiness to provide this service, in addition to the prompt move towards green fuel production in cooperation with major international companies.
“This is to maximise the benefit of integrated industrial zones equipped with world-class infrastructure, in addition to the investment incentives and supportive work environment that SCZONE provides to its success partners.”