SCZone Signs Green Fuel Bunkering Agreement with SCATEC worth $1.1 Billion

The Chairman of the General Authority of the Suez Canal Economic Zone (SCZone) Walid Gamal El-Din signed with the CEO of SCATEC Terbe Bielskog a memorandum of understanding aimed at issuing a license to practice ship bunkering with green fuel in the East Port Said region at an investment cost of about $1.1 billion.

This came on Sunday on the sidelines of the COP28 climate summit currently being held in Dubai, United Arab Emirates, in the presence of Head of the Technical Office of the Egyptian Minister of Petroleum Alaa Hagar.

The authority said in a statement that the volume of production will reach 100,000 tons of green methanol annually by 2027, and the capacity of the electrolyzer is 190 megawatts, relying on 317 megawatts of wind energy and 140 megawatts of solar energy.

Gamal El-Din said that the memorandum of understanding paves the way for a new partnership with SCATEC, which began its first projects in the region on the sidelines of the COP27 activities in November 2022, and the factory succeeded in exporting the first green ammonia shipment in the world, indicating the readiness of the region’s ports to provide this service in addition to the rapid movement towards production. Green fuel in cooperation with major international companies.

He stressed that supplying ships with green fuel is not a goal in itself, but rather an inevitable global requirement, especially since maritime shipping is responsible for 10% of carbon emissions in the world, so the use of green fuel in maritime transport will have a significant impact on reducing carbon emissions.