"The signing of MOUs was to provide an opportunity for the companies to carry out technical, financial, and legal feasibility studies, which qualifies them to invest and move forward to sign the final contracts in coinciding with COP27 conference that Egypt will host next November, to start the first phase of green fuel production by 2025," Zaki added
"The preference now is to start a logistics zone for DP World, then discussions will turn into an industrial zone, provided that dealings in this agreement will start at the beginning of next year,” he added.
Prime Minister Mostafa Madbouli attended Tuesday the signing of a quadrilateral memorandum of understanding (MoU) to build an automotive factory in the Suez Canal Economic Zone (SCzone) located Eastern Port Said.
The MoU was signed by Yehya Zaki, Head of the Suez Canal Economic Zone, and Michael Stoch, CEO of H2 Industries, to establish a plant for converting waste into green fuel in East Port Said, with a production capacity of 300,000 tons per year of green hydrogen.
The Japanese ambassador went on a site visit to watch Saraya project that includes a complex of factories on an area of 20,000 square meters with investments cost $10 million to produce Japanese sterilization supplies and cosmetics in Egypt.
Green ammonia is a 100-percent renewable and carbon-free ammonia that is produced by green hydrogen, which is obtained by “using hydrogen from water electrolysis and nitrogen separated from the air.”
The Memoranda of Understanding are aiming to establish projects to produce green fuel and green ammonia in the Sokhna.
The premier stressed Egypt’s keenness on reinforcing its partnership with EU, especially in the field of energy, noting that President Abdel Fattah El Sisi is paying special focus on such key sector.
The plant will also be located at Ain Sokhna Industrial Zone affiliated to Suez Canal Economic Zone (SCzone).
The meeting was through a 3 day-workshop began between the two sides in Cairo, followed by a visit for Maersk delegation to the integrated industrial zone in Sokhna, to discuss ways to implement projects of green methanol and green ammonia production.
SCZONE elaborated that this phase is based on the establishment of an integrated digital and interactive service, enabling it to fully manage the services provided, and integrate new services into a digital platform in accordance with the framework organizational body.
Madbouli also asserted the importance of creating an integrated community that depends on the sectors of industry, maritime transport and logistic services to support the economic development wheel in Egypt.
Zaki confirmed that the economic zone seeks to become a destination for investors due to its great comparative advantages.
The main objective of this cooperation is the exchange of knowledge and professional experience between the parties and the development of joint initiatives focusing on commercial and educational actions in the context of port activity, according to the SCZone.
The report revealed the most important and prominent decisions were taken by the Egyptian government to encourage investments in SCZone.
Gamea made the remarks during her participation Sunday in a symposium organized by the Suez Canal Authority (SCA) under the rubric :" Suez Canal and Global Trade Challenges".
Ship catering and marine services are included in the SCZone 2020-2025 strategy, he noted.
They also reviewed the SCZone's vision on the localization of the green hydrogen industry in the region, in light of the 27th session of the Conference of the Parties (COP 27) held in Egypt’s Sharm El-Sheikh next year.
Chairmen of the Suez Canal Authority and the SCZone Osama Rabie and Yehia Zaki respectively were present in the fair.
The official also indicated that number of industrial establishments currently operating there.