During COP28, Waleid Gamal El-Dien, chairman of General Authority of the Suez Canal Economic Zone (SCZONE), Alaa Hagar, Head of the Egyptian Minister of Petroleum’s Technical Office, and Terje Pilskog, CEO of Scatec ASA, signed an MoU aimed at issuing a license to practice the activity of ships’ bunkering with green fuel for Scatec in East Port Said.
he investment cost is about $1.1 billion (including investments in clean energy generation), and production capacity will reach 100,000 tons/year of green methanol by 2027, while the power of the electrolyzer is 190 MW based on 317 MW of wind power and 140 MW of solar power.
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.
… said Waleid Gamal El-Dien, chairman of General Authority of the Suez Canal Economic Zone (SCZONE)
Waleid Gamal El-Dien proceeded his meetings with companies wishing to identify the available investment opportunities, especially in the field of energy, where he met with José Luis Jimeno, Chairman of Vestas for the Mediterranean and Africa.
The meeting touched on the possibility of cooperation with the company in the production of wind turbines because it is one of the green fuel feeding industries and occupies a priority in SCZONE plans, as the company is looking for a center within the Middle East.
This MoU is far from the first move ZCZONE makes towards developing alternative fuels bunkering. For instance, just last month, ZCZONE signed a substantial $15.6 billion agreement with a consortium of Chinese companies. The primary objective of this agreement is to enhance and promote the manufacturing of green fuel within the region.
We emphasize that green bunkering is not a main target in itself, but an imperative global requirement, especially since shipping is responsible for 10% of the world’s carbon emissions, so the use of green fuels in maritime transport will significantly affect the reduction of carbon emissions.
… added the SCZONE Chairman
Furthermore, in late September SCZONE officials had met with Shell officials in the Netherlands, to discuss the development of alternative fuels bunkering.