The Suez Canal Economic Zone (SCZONE), on Sunday 3/12/2023, signed a memorandum of Understanding (MoU) with the Norwegian company Scatec ASA on ship bunkering with green fuel in Eastport Said, with an investment cost of some 1.1 billion dollars.
The MoU was signed by Chairman of SCZONE Walid Gamal al-Dein and Scatec ASA CEO Terje Pilskog, on the sidelines of the SCZONE participation in the 2023 UN Climate Change Conference (COP28) with a pavilion that highlights the potential investment opportunities of the zone for international firms, the SCZONE said in a statement.
Minister of Petroleum and Mineral Resources Tarek al-Molla, Minister of International Co-operation Rania al-Mashat alongside a set of representatives of the African Development Bank attended the signing ceremony of the MoU.
The agreement aims to issue a license for Scatec ASA company to undergo ship bunkering operations using green fuel in East Portsaid, entailing the investments of generating clean energy, with an expectation that the production of green methanol would reach 100,000 tons annually by the year 2027.
The power capacity of the project is estimated at 190 megawatts, mainly depending on 317 megawatts generated by wind energy and 140 megawatts by the solar one.
Scatec ASA has started its first projects in the SCZONE after reaching an agreement with the zone on the sidelines of the UN Climate Change Conference (COP27), which took place in November 2022 in Egypt, said Gamal al-Dein.
He added that the factory of the Norwegian company managed to exports the world’s first green ammonia shipment.