Egypt's Suez Canal Economic Zone (SCZone) expects to finalise $10 billion worth of green hydrogen and ammonia projects in November 2022 on the sidelines of COP27 conference in Sharm el-Sheikh, the Zone's Chairman said.

Speaking at the European Bank for Reconstruction and Development (EBRD) headquarters in London last week, Yehia Zaki said final agreements would be signed with companies and consortiums to establish green fuel production plants in the Sokhna Industrial Zone. 

"The green hydrogen and ammonia projects investments are expected to be more than $10 billion and the total production capacity is expected to be more than five million tonnes annually," he said, adding that SCZOne's unique geographical location along the banks of the Suez Canal qualifies it to become a logistics hub for green fuel bunkering in addition to exporting to European Market, which is the largest market for clean energy products.

In April, Zawya Projects had reported that a joint venture of Masdar, the UAE-based renewable energy company, and Hassan Allam Utilities, the investment and development arm of Egypt's Hassan Allam Holding Group, will set up green hydrogen production plants in Egypt in Sokhna and on the Mediterranean coast.

Previously, Egypt had signed initial agreements with Norway's Scatec; Denmark's Maersk; France's Total and EDF; the UAE's AMEA Power; Australia's Fortescue Future Industries, Belgium's DEME Group and H2-Industries from the United States to establish green hydrogen and ammonia projects in the country.

(Writing by Eman Hamed; Editing by Anoop Menon)