SCZONE signs deal for $10 billion in investments to produce green fuels

Posted on May 18, 2022

Suez Canal Economic Zone (SCZONE) has signed six memoranda of understanding for investments worth US$ 10 billion for green hydrogen and green ammonia projects with major international companies and consortiums, to establish industrial facilities and complexes in Sokhna zone to produce green fuel and use it for ship bunkering purposes or export to foreign markets.

SCZONE aims to become a leading regional hub in the green hydrogen industries, coinciding with the global transformation to clean energy uses.

Also aims to localize 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 Sokhna due to its readiness as an industrial zone.

All companies are currently conducting detailed feasibility studies for projects to sign and announce contracts, in conjunction with Egypt’s hosting of the COP27 Climate Change Summit.

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 – all these global leaders in the field of clean and renewable energy.

Source

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