Suez Canal Economic Zone (SCZone) has signed six Memoranda of Understanding (MoU) with global leaders in the field of clean and renewable energy for investments worth $10 billion to produce green fuels.
Under the agreements, new industrial facilities and complexes in Sokhna zone will be established to produce green fuel and use it for ship bunkering purposes or export to foreign markets.
The MoUs were signed with the Norwegian company Scatec, the Abu Dhabi Future Energy Alliance (Masdar of the UAE), Hassan Allam Utilities, the French Total Eren, the Egyptian Enara Capital, Maersk, the French EDF Renewables, the Egyptian Zero-Waste, and finally the UAE’s AMEA Power.
SCZone has released a statement to assert its commitment to become a leading regional hub in the green hydrogen industries – following the global agenda towards a net-zero transition – and localise this type of industry in its integrated zones in Sokhna and East Port Said.
The preparations are currently being made to establish these projects in the Sokhna due to its readiness as an industrial zone and all companies involved are conducting detailed feasibility studies for projects in conjunction with Egypt’s hosting of the COP27 Climate Change Summit.
Egypt’s dedication towards a green economy was also reflected in last month’s agreement signed by SCzone to establish green fuel and green ammonia production projects in Sokhna and a further MoU with Danish shipping giant Maersk to explore the establishment of large-scale green fuel production in Egypt.