On the sidelines of COP28, a $1.1 billion memorandum of understanding (MOU) for green bunkering in Egypt has been signed.
As informed, the MOU is aimed at issuing a license to practice the activity of ships’ bunkering with green fuel for Norwegian renewable energy solutions provider Scatec in East Port Said.
The document was signed by Waleid Gamal El-Dien, chairman of SCZONE, Alaa Hagar, Head of the Egyptian Minister of Petroleum’s Technical Office, and Terje Pilskog, CEO of Scatec ASA.
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الملا يشهد توقيع اتفاقيات مشروعات الطاقة الخضراء مع سكاتك النرويجية في مؤتمر Cop28 https://t.co/jXAF684bzo pic.twitter.com/LGJ7Oluvbp
The production capacity is expected to 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 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,” Waleid Gamal El-Dien said.
“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.”
“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,” SCZONE chairman added.