Cairo – Mubasher: Egypt’s General Authority of the Suez Canal Economic Zone (SCZONE) inked a memorandum of understanding (MOU) to practice the activity of ships’ bunkering with green fuel for Scatec in East Port Said.
The investment cost stands at nearly $1.10 billion, which includes investments in clean energy generation.
Meanwhile, the annual production capacity will reach 100,000 tonnes of green methanol by 2027, while the power of the electrolyzer is 190 megawatts (MW) based on 317 MW of wind power and 140 MW of solar power.
The signing of the agreement took place on the sidelines of the 28th annual United Nations (UN) climate conference (COP28), which is being held in Dubai during the 30 November–12 December 2023 period.
Waleid Gamal El-Dien, Chairman of SCZONE, commented: “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 maximise 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,” Gamal El-Dien added.
He concluded: “We emphasise 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.”
