Egypt Prime Minister Dr. Mostafa Madbouly witnessed this evening, the signing ceremony of a memorandum of understanding among the General Authority for Suez Canal Economic Zone (SCZONE) The Sovereign Fund of Egypt (TSFE) , The Egyptian Electricity Transmission Company (EETC), The New and Renewable Energy Authority (NREA) , and the Indian “ReNEW Power” company. The MOU aims to establish a project to produce Green fuels with investments cost estimated at $8 billion.

The signing ceremony was held in the presence of Dr. Mohamed Shaker, Minister of Electricity and Renewable Energy, Dr. Hala Al-Said, Minister of Planning and Economic Development, and Ajit Gupte, the ambassador of the Republic of India to Cairo.

The MOU was signed by: Eng. Yehia Zaki, chairman of the Suez Canal economic zone, Mr. Ayman Soliman, CEO of the Sovereign Fund of Egypt, Eng. Sabah Mashali, Chairman of the Egyptian Electricity Transmission Company, Dr. Mohamed El-Khayat, chairman of the authority of New and Renewable energy, and Mr. Sumant Sinha, Chairman and the CEO of “ReNew Power” India.

“The growing interest of major companies and global consortiums in partnership with SCZONE reflects our insightful vision in adopting green fuel as a target sector within our strategy for “2020-2025″ for export purposes or bunkering services. SCZONE is qualified to localize this industry and is developing its ports to supply ships with green fuel as soon as possible.” Yehia Zaki declared.

“Signing this MOU with the Indian company “ReNew power”, which is working in the field of clean energy, is a preliminary agreement to establish an industrial complex project with total targeted investments estimated at $8 billion. The first phase will be in 2023-2025, about $710 million aims to produce 100,000 tons of green ammonia and 20,000 tons of green hydrogen. The production capacity in the second phase during 2025-2029 aims to produce 200,000 tons of green hydrogen and million tons of green ammonia with estimated investments of about $7,147 billion. The site initially will be set on an area of ​​600,000 square meters in the Sokhna integrated Zone, bringing the production capacity of the two phases of green hydrogen to 220,000 tons and 1,100 million tons of green ammonia.” Zaki added.

It is worth noting that SCZONE has signed 8 MOUs so far in the field of localizing and manufacturing green fuels with several global key players and consortiums such as the Danish “Maersk”, Norwegian Scatec, the French “EDF Renewables, German H2, and others. SCZONE still exerts efforts for the transition to a green economy and will try to make binding contracts for several green hydrogen projects, in conjunction with Egypt’s hosting COP 27 next November, in Sharm El-Sheikh.