- Egypt’s Suez Canal Economic Zone (SCZONE) signed a USD 14.75 billion deal with China.
- The project includes the production of 1.2 million tonnes of green ammonia and 210,000 tonnes of green hydrogen annually.
Egypt’s Suez Canal Economic Zone (SCZONE) has closed a $14.75 billion (EUR 13.9bn) investment pact with Chinese companies. This aims to produce green hydrogen, ammonia and renewables-powered potassium chloride in the North African country.
The SCZONE has sealed a framework agreement with the industrial group China Energy International Group for a USD6.75 billion project. The project includes the production of 1.2 million tonnes of green ammonia and 210,000 tonnes of green hydrogen annually. The new capacity will be built in the Sokhna industrial zone. It will span an area of 500,000 square metres (5.38 million sq ft).
Also, the pact is the latest in a series of agreements Egypt has signed over the last year. The Arab country has set itself the goal of seizing 8 per cent of the global hydrogen market. In December alone, the country sealed seven pacts with local and international companies to study the development of green hydrogen production in the SCZONE. The project will be realised in three stages, targeting an optimal capacity of 4.1 million tonnes of potassium chloride produced through 6.1 GW of renewable power.
Further, SCZONE’s chairman, Waleid Gamal El-Dien, said, “We are keen on offering full support to the investments in the field of energy, which comes from the implementation of SCZONE’s strategy towards green fuel production. We are working to accelerate the pace of work on this file due to its global need.”