SCZONE converts $7 billion MOU with Energy China into a framework agreement soon

Mr. Waleid Gamal El-Dien, Chairman of the Suez Canal Economic Zone (SCZONE), announced that the memorandum of understanding between SCZONE and Energy China, a global Chinese company operating in the field of new and renewable energy, will soon be activated and transformed into a framework agreement between the signatories of the memorandum SCZONE, the Sovereign Fund of Egypt, the Egyptian Electricity Transmission and Distribution Company and the New and Renewable Energy Authority soon, after agreeing with the company regarding the establishment of a green hydrogen / green ammonia industrial complex within the Sokhna integrated zone in SCZONE.

In the same context, Chairman of Energy China International Group, expressed his aspiration to accelerate the pace of work to convert the Memorandum of Understanding signed in December 2022 into a framework agreement within the next two months to start project procedures on the ground for the green hydrogen industry. It is worth noting that, SCZONE has a memorandum of understanding was signed to establish a green hydrogen industrial complex with Energy China at the end of last year, with investments of approximately $7 billion to produce 1.2 million tons of green ammonia and 210,000 tons of green hydrogen annually.