Alexandria National Refining and Petrochemical Company (ANRPC) and the Norwegian renewable energy company Scatec, signed an agreement for a new $450 million green methanol production project, in cooperation with the Egyptian Company for Bioethanol.

The new plant aims to produce 40,000 tons of green methanol annually with the aim to be increased to 200,000 tons per year and will be located in the port of Damietta.

This agreement will position Egypt as an important player in the field of green fuel production, and will include the construction of renewable energy stations with 40 megawatts solar energy capacity and 120 megawatts for wind energy capacity, and a green hydrogen analyzer with a capacity of 60 megawatts.

Earlier this month, The Egyptian Cabinet approved a MoU with the Egyptian Electricity Transmission Co (EETC) and Scatec to study connecting Egypt’s electricity grid to Europe via Italy with a 3 gigawatts capacity.