Egypt’s SCZONE signs 7 new green fuel production agreements

Egypt’s SCZONE signs 7 new green fuel production agreements

Suez Canal Economic Zone (SCZONE) announced on Wednesday that seven new Memorandums of Understanding (MOU) were signed with international companies to set up green hydrogen and ammonia production facilities in Sokhna.

The MOUs were signed between SCZONE, The Sovereign Fund of Egypt (TSFE), Egyptian Electricity Transmission Company (EETC) and New and Renewable Energy Authority (NREA), and the 7 companies from the UK, Saudi Arabia, the UAE, and India.

The MoU were signed with:

- UK-headquartered Globaleq to establish a green fuel production plant with an annual production capacity of 2 million tonnes at a total investment of $11 billion.

- Saudi company Alfanar to establish 500,000 tonnes per annum capacity green fuel production facility at a total investment of $4 billion.

- UAE’s Alcazar to establish an industrial complex for green fuel production at an investment of $2 billion with a total production capacity of 230,000 tonnes annually.

- UAE’s K&K Group to establish a 230,000 tonnes per annum capacity green hydrogen plant.

- Egypt-based Mediterranean Energy Partners (MEP) to invest $250 million to establish a green ammonia plant with a production capacity of 120,000 tonnes per year.

- India’s ACME Group to establish $13 billion green hydrogen production plant with a total capacity of 2.2 million tonnes