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SCZone signs deal for $10 billion in investments to produce green fuels

The Suez Canal Economic Zone (SCZone) has signed six memoranda of understanding for investments worth US$ 10 billion for green hydrogen and green ammonia projects with major international companies and alliances, to establish industrial facilities and complexes in the Sokhna area to produce green fuel and use it for ship bunkering purposes or export to foreign markets.

In a statement on Friday the SCZone said that it aims for the Sokhna area to become a leading regional center in the green hydrogen industries, coinciding with the global transformation to clean energy uses.

The region aims to localize this type of industry in its integrated areas in Sokhna and East Port Said, and preparations are currently being made to establish these projects in Sokhna due to its readiness as an industrial zone.

The statement said that Sokhna area is near the Sokhna Port, the largest of the Red Sea ports, and is witnessing huge development work which qualifies it to attract many investments, and facilitates import and export operations.

The economic zone referred to the capabilities it possesses such as its geographical location and pivotal ports overlooking the Red and Mediterranean seas, as well as its industrial areas and investment incentives that qualify it to be a regional pivotal center for the purposes of ship bunkering and export to foreign markets.

All companies are currently conducting detailed feasibility studies for projects to sign and announce contracts, in conjunction with Egypt’s hosting of the COP27 Climate Change Summit.

The memorandums of understanding were signed with the Norwegian company Scatec, the Abu Dhabi Future Energy Alliance (Masdar of the UAE), Hassan Allam Utilities, the French Total Alliance, the Egyptian Enara Capital, the Danish Maersk, the French EDF alliance, the Egyptian Zero-Waste, and finally the UAE’s AMEA Power – all global leaders in the field of clean and renewable energy.

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