The agreement aims to issue a license to practice ship bunkering with green fuel for SCATEC in the East Port Said region, at an investment cost of about $1.1 billion
The Suez Canal Economic Zone (SCZone) and Norway's Scatec ASA signed a memorandum of understanding (MoU) with $1.1 billion to supply ships with green fuel in East Portsaid on the sidelines of COP28.
The agreement aims to issue a license to practice ship bunkering with green fuel for SCATEC in the East Port Said region, at an investment cost of about $1.1 billion and the production volume will reach 100 thousand tons of green methanol annually by 2027.
The Egyptian Electricity Holding Company (EEHC) and Scatec also signed signed an early-stage cooperation agreement for a future 1 gigawatt (GW) solar and 200 MWh battery storage project.
In a press statement issued by Scatec, the company said that the African Development Bank Group (AfDB) signed a letter of intent for the financing package of the project at competitive terms.
The Egyptian Cabinet had previously approved, on November 30, the cooperation agreement between EEHC and Scatec as part of the state’s efforts to expand the establishment of electrical energy projects from renewable energy sources.
Earlier this week, The General Authority for the Suez Canal Economic Zone (SCZONE) signed a letter of intent with the Chinese company BEFAR Group to establish an industrial green complex for the production of specialized chemicals in the authority's East Port Said Integrated Zone with $2 billion investments.
