The Prime Minister witnesses the signing of new energy projects with investments of $14.75 billion SCZONE

The Egyptian prime minister, Dr. Mostafa Madbouly, witnessed yesterday, in the Chinese capital, Beijing, the signing ceremony of a framework agreement for the Suez Canal Economic Zone (SCZONE) with China Energy Company for the production of green fuel, and the signing of a memorandum of understanding between SCZONE and United Energy Company for the production of potassium chloride. on the sidelines of the high-level Egyptian participation in the third session of the Belt and Road Forum, on behalf of His Excellency President Abdel Fattah El-Sisi.

Mr. Waleid Gamal El-Dien, chairman of SCZONE, and Mr. Lyu Zexiang, Chairman of China Energy International Group signed the framework agreement that aims to establish a project for the production of 1.2 million tons of green ammonia and 210 thousand tons of green hydrogen annually with investments amounting to 6.75 billion dollars. The project will be located in the Sokhna industrial zone in Sokhna, on an area of 500 thousand square meters.

The Prime Minister also witnessed the signing of a memorandum of understanding between SCZONE and Mr. Song Yu, Executive Director of UEG, with the aim of establishing and developing a potassium chloride production complex that will take place in three stages, starting with the pilot stage for producing 100,000 tons of potassium chloride. The project will be operated by renewable energy stations with a capacity of 150 megawatts to provide the project with green energy to produce 4.1 million tons of potassium chloride and to be operated by renewable energy stations with a capacity of 6.1 gigawatts with an expected investment amounting to $8 billion. It was also agreed to export 20% of the project’s production for the local market to meet its needs.

“Egypt has a great interest in expanding the establishment of green energy projects and providing more incentives to attract new investments in this promising field. SCZONE has become one of the most important centers for green energy production in the Middle East and Africa.”

“We are keen on offering full support to the investments in the field of energy which comes from the implementation of SCZONE’s strategy towards green fuel production. We are working to accelerate the pace of work on this file due to its global need” Mr. Waleid Gamal El-Dien, chairman of SCZONE declared.