SCZONE And Scatec ASA Spearhead $1.1 Billion Clean Energy Hub For Green Bunkering In East Port Said

On the sidelines of COP28’s Climate Summit, the General Authority of the Suez Canal Economic Zone (SCZONE), represented by Chairman Mr. Waleid Gamal El-Dien, joined forces with Eng. Alaa Hagar from the Egyptian Minister of Petroleum’s Technical Office and Mr. Terje Pilskog, CEO of Scatec ASA, in signing a pivotal Memorandum of Understanding (MoU). This landmark agreement aims to grant Scatec a license for ships’ bunkering with green fuel in East Port Said, involving an investment of approximately $1.1 billion.

The ambitious project, slated for completion by 2027, encompasses clean energy generation with a production capacity of 100,000 tons/year of green methanol. The electrolyzer’s power is set at 190 MW, leveraging 317 MW of wind power and 140 MW of solar power. The signing ceremony witnessed the presence of Eng. Tarek El Molla, Egyptian Minister of Petroleum and Mineral Resources, Dr. Rania Al-Mashat, Egyptian Minister of International Cooperation, and representatives from the African Development Bank and the British International Investment.

Mr Waleid Gamal El-Dien emphasized that this MoU builds upon SCZONE’s ongoing partnership with Scatec, which initiated the inauguration of the company’s first project in SCZONE during COP27 in November 2022. Notably, SCZONE achieved global recognition by exporting the world’s inaugural shipment of green ammonia. The chairman highlighted the significance of SCZONE’s strategic location in East Port Said, emphasizing the importance of green bunkering as a global necessity to address carbon emissions from maritime transport.

Continuing his engagements at SCZONE’s pavilion in the Green Zone, Mr. Waleid Gamal El-Dien held discussions with Mr. José Luis Jimeno, Chairman of Vestas for the Mediterranean and Africa. Vestas, a leading global player in wind energy projects, explored potential collaboration with SCZONE in the production of wind turbines. This aligns with SCZONE’s plans for green fuel industries, offering promising investment opportunities and reinforcing the region’s commitment to sustainable energy practices.