SCZONE signed a $1.1 bn MoU for green Bunkering in East Port Said

On the sidelines of the participation of the General Authority of the Suez Canal Economic Zone (SCZONE) in the Climate Summit  COP28, Mr. Waleid Gamal El-Dien, chairman of SCZONE, Eng. Alaa Hagar, Head of the Egyptian Minister of Petroleum’s Technical Office, and Mr. 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. The 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 ceremony was witnessed by Eng. Tarek El Molla, Egyptian Minister of Petroleum and Mineral Resources, Dr. Rania Al-Mashat, Egyptian Minister of International Cooperation, and representatives of the African Development Bank and the British International Investment.

“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. SCZONE’s regional pioneering in the green bunkering field came as a result of SCZONE’s ports readiness to provide this service, in addition to the prompt move towards green fuel production in cooperation with major international companies. This is to maximize the benefit of integrated industrial zones equipped with world-class infrastructure, in addition to the investment incentives and supportive work environment that SCZONE provides to its success partners.” Mr. Waleid Gamal El-Dien Stated

“East Port Said is the destination of the green bunkering project due to its location northern Suez Canal, and its integration with the ports of East Port Said and West Port Said, and therefore it is located near the ship’s waiting areas. 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 SCZONE Chairman

Mr. Waleid Gamal El-Dien proceeded his meetings at SCZONE’s pavilion in the Green Zone with companies wishing to identify the available investment opportunities, especially in the field of energy, where he met with Mr. José Luis Jimeno, Chairman of Vestas for the Mediterranean and Africa. It is one of the world’s leading companies in the design, manufacture, installation, development, and service of wind energy projects. 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.