SCZONE to establish green energy industrial complex

CAIRO – 5 December 2023: The Suez Canal Economic Zone (SCZONE) has sealed a strategic cooperation agreement to undertake developing, establishing, and operating an all-encompassing industrial complex dedicated to green energy technology. Spanning an expansive area of 2 million square meters within the Suez Canal Economic Zone.

Prior to the framework agreement, exhaustive technical and financial feasibility studies will be conducted to ensure the viability and success of the complex.

Walid Gamal El-Din, Chairman of SCZONE, expressed his enthusiasm for establishing a state-of-the-art industrial zone dedicated to clean technology. He emphasized that this pioneering endeavor aligns perfectly with the overarching goals of the Suez Canal Economic Zone in the realm of green economy initiatives. Furthermore, it resonates with Egypt's steadfast commitment to advancing the energy sector in a sustainable manner.

Earlier this week, SCZONE inked a memorandum of understanding (MoU) with Scatec ASA, a prominent Norwegian company. Valued at an impressive $1.1 billion, this agreement aims to facilitate the provision of green fuel to ships in the East Portsaid region.

The primary objective of the MoU is to secure a license for SCATEC to engage in ship bunkering activities with green fuel in the East Port Said area. The ambitious investment cost of approximately $1.1 billion will pave the way for the production of 100 thousand tons of green methanol annually by 2027.