Egypt on Sunday (14 May) said it signed a joint development agreement with Norwegian renewable energy firm Scatec to establish the country’s first green methanol production project in Damietta Port with an investment of about USD 450 million.
The Ministry of Petroleum and Mineral Resources said the project is the first of its kind in Egypt and the Middle East and will contribute to placing Egypt on the global map of nations that produce this green fuel for ships, it said in a statement.
The deal was signed between Alexandria National Refining and Petrochemicals Company (ANRPC) and Scatec, in collaboration with Egyptian Bioethanol Company.
The project is aimed to produce 40,000 tonnes of green methanol per year, which could be increased up to 200,000 tonnes per year.
“This is to encourage the transition towards green production, opening new export opportunities for the Egyptian petrochemicals sector of green products and enhancing its competitiveness and presence in foreign markets,” the ministry explained.
Egypt’s first station for supplying ships with green biofuel will also be included in the project.
Chairman of Scatec ,Terje Pilskog, said the agreement is a step towards strengthening its cooperation with Egypt and reflects its priority to cooperate with Egypt to provide sustainable high quality green fuel at competitive prices.
He added the deal will contribute to placing Egypt on the top of the list of countries in green chemical product manufacturing and exporting while supporting the country as a destination in supplying green fuel to global shipping lines.
Photo credit: Ministry of Petroleum and Mineral Resources
Published: 22 May, 2023
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