France based, Ecoslops, announced that it has signed a Memorandum of Understanding (MoU) with the Suez Canal Economic Zone for the development of a detailed feasibility study, as part of its attempt to expand in Egypt.
According to estimations, the potential for recovering oil residues transiting the Suez Canal is more than 40,000 tonnes per year, based on 18,000 passages and 7,000 ports of call. As Egypt’s major ports, such as Alexandria, accommodate almost 5,000 calls a year, the risk for waste production is increased.
Because of this, a subsidiary of Egyptian General Petroleum Corporation (EGPC), Ecoslops and the Suez Canal Economic Zone, are cooperating in order to conduct a study on the regulatory, technical, financial and commercial aspects of the project.
“This project aims to contribute to increasing the competitiveness of the Suez Canal and Egyptian ports by providing a collection and waste treatment service of the highest international standards, as well as providing ship owners with essential traceability on their hydrocarbon waste. The goal of both parties is to complete this study by the 3rd quarter of 2018,” Ecoslops explained.
Moreover, the French government supports this project, by financing the study and supporting the Economical service of the French Embassy in Cairo.