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ArabFinance: The Suez Canal Economic Zone (SCZone), the Sovereign Wealth Fund of Egypt, Egyptian Electricity Transmission Company (EETC), and the New and Renewable Energy Authority (NREA) have signed a memorandum of understanding (MoU) with a consortium comprising ZeroWaste and EDF Renewables to set up a project for the production of green fuel, with $3 billion in investments, at the SCZone in Ain Sokhna, according to a statement by the Egyptian Cabinet.
Under the MoU, around 140,000 tons of green ammonia are set to be produced to supply ships.
The amount of produced green ammonia is set to gradually increase to 350,000 tons per annum.
The project will be established over several stages as per an accelerated schedule.
The construction of the project is set to begin in 2024, with the commercial operations to start in 2026.
The agreement was signed by Chairman of SCZone Yehia Zaki, CEO of the Sovereign Wealth Fund Ayman Soliman, Chairman of EETC Sabah Mashali, Chairman of the NREA Mohammed El Khayat, Chairman of ZeroWaste Amr El-Sawaf, and Executive Vice President, International Operations at EDF Renewables Frédéric Belloy.
