The cooperation is expected to save around 20-30% of manufacturing costs
US conglomerate Honeywell is looking to invest around $200 million into the production of petrochemicals and the production of green fuels for aircraft in Egypt, the Ministry of Petroleum revealed today, quoting Honeywell's country president for Egypt.
Honeywell's Country President for Egypt, Khaled Hashem, was quoted expressing Honeywell’s strong desire to work in the fields of petrochemicals and the production of green fuels for aircraft catering with investments amounting to about $200 million, in addition to projects to install RTG devices to monitor warehouses in partnership with the Egyptian General Petroleum Corporation. This was taken from an official statement dated April 22.
The cooperation is expected to save around 20-30% of manufacturing costs.
During discussions with the Minister of Petroleum and Mineral Resources Tarek El-Molla, Hashem explained that he believes Egypt has the potential to become a pivotal hub linking Europe to the Middle East in green fuel projects to supply ships and produce hydrogen and ammonia.
Hashem also expressed Honeywell’s appreciation of competence and commitment of Egyptian engineers.
Earlier this month, Prime Minister Mostafa Madbouly said that Egypt was keen on attracting foreign investments in green hydrogen ventures and plans to introduce a package of incentives to press ahead with the country’s strategy to increase green fuel in its energy mix.
