Singapore-based Destiny Energy plans to establish a green ammonia production plant in Egypt with total investments of $210 million, according to the company’s CEO, Vijay Sersi.

During a meeting with Hossam Heiba, CEO of Egypt’s General Authority for Investment and Free Zones (GAFI), Sersi explained that the project will be located in the Suez Canal Economic Zone (SCZone) and will produce 53 metric tons of green hydrogen and 300 metric tons of green ammonia per day, equivalent to over 100,000 metric tons annually.

He highlighted that the new facility will rely on the region’s growing renewable energy capacity, from both wind and solar power, either developed directly by Destiny Energy or supplied through partnerships with other companies operating in the SCZone.

This strategy, he noted, will reduce the overall cost of the final product, which will be supplied to Egyptian industries and the European Union.

For his part, Heiba emphasized the strategic importance of the project to Egypt’s economy, noting that green ammonia production will help local industries reduce their carbon footprint, enabling Egyptian exports to comply with the EU’s Carbon Border Adjustment Mechanism (CBAM).

This alignment will enhance the competitiveness and market access of Egyptian goods to the European Union, Egypt’s largest trading partner.

He added that EU countries are keen for Egypt to secure a significant share of Europe’s projected imports of green ammonia, estimated at 4 million tons by 2030, particularly following the signing of the Comprehensive Strategic Partnership Agreement between Egypt and the European Union.