Egypt's Suez Canal Economic Zone (SCZONE) has signed a memorandum of understanding (MoU) for green fuel production with the Saudi developer of utility and hydrogen projects ACWA Power.

The MoU was signed on the sidelines of the annual meeting of the European Bank for Reconstruction and Development (EBRD) in Uzbekistan, according to an SCZONE press statement issued on Thursday.

The statement didn't give project details but said the two entities will coordinate to transform the MoU into a framework agreement soon.

The statement also added that SCZONE will launch ship bunkering services in Suez Canal “within days.”

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(Writing by Eman Hamed; Editing by Anoop Menon)