Egypt’s Prime Minister, Dr. Mostafa Madbouli, witnessed the signing ceremonies in Beijing for framework agreements related to the Suez Canal Economic Zone (SCZONE).
A major agreement was signed with China Energy to produce green fuel. Additionally, a memorandum of understanding was inked between SCZONE and United Energy for potassium chloride production.
Walid Gamal El-Din, the Head of the SCZONE, and Liu Zexiang, the President of China Energy Group, solidified their partnership through a framework agreement.
This pact targets the establishment of a project set to produce 1.2 million tons of green ammonia and 210,000 tons of green hydrogen annually. With investments estimated at $6.75 billion, this project will span a vast industrial area in El Sokhna, covering 500,000 square meters.
Furthermore, the Prime Minister observed the signing of another memorandum between SCZONE and Sung Yu, the CEO of United Energy.
Their shared vision is to invest in constructing and evolving a facility to produce potassium chloride.
This three-phase project kicks off with an experimental phase designed to produce 100,000 tons of potassium chloride.
Renewable energy stations, with a combined capacity of 150 megawatts, will initially power this phase, aiming for a production of 4.1 million tons of potassium chloride.
Subsequent stages will harness renewable energy stations with a colossal capacity of 6.1 gigawatts. Anticipated investments for this venture stand at a staggering $8 billion, with plans to export 20% of the project’s production to satisfy local market demands.
Amid these advancements, Prime Minister Madbouli highlighted Egypt’s fervor to expand green energy projects.
He emphasized the nation’s commitment to offering incentives to attract further investments in this promising sector, adding that SCZONE is swiftly becoming one of the principal hubs for green energy production in the Middle East and Africa.
