Suez Canal Economic Zone (SCZONE) announced on Wednesday that it has signed a memorandum of understanding with Toyota Tsusho, the trading arm of Japan’s Toyota Group, targeting Japanese investments in logistics, renewable energy, water support, green and blue hydrogen production, and green and blue ammonia production.

Toyota Tsusho is a member of the Toyota Tsusho-Bollorie-NYK consortium, which operates and manages the Suez Canal car handling station (Ro-Ro berth).

The MoU was signed by Waleid Gamal El-Dein, the newly appointed chairman of SCZONE and Tokuji Koyama, General Manager of Infrastructure and Energy Projects at Toyota Tsusho Corporation.

El-Dein said SCZONE is qualified to be a global hub for the production of green fuel and ship bunkering.

“We realise the importance of this partnership, because of the importance of SCZONE’s location and our mutual interest in the blue ammonia projects in coinciding with Egypt’s hosting COP27 next November,” added Koyama.

On Tuesday, Arab Finance had reported that Egypt’s Ministry of Petroleum and Mineral Resources is considering a feasibility study carried out by Toyota Tsusho Corporation for the production of blue low-carbon ammonia in the country. The MoU for the was signed in August 2021.

(Writing by Eman Hamed; Editing by Anoop Menon)