COP28: Scatec inks $1.1 bln MoU for green fuel supply in Egypt’s East Port Said

Norwegian renewable energy producer Scatec ASA signed on Sunday a memorandum of understanding (MoU) worth $1.1 billion to supply ships with green fuel in East Port Said.

During the UN climate change conference COP28 in Dubai, Walid Gamal El-Din, chairman of General Authority for Suez Canal Economic Zone (SCZone), has signed the agreement with Terje Pilskog, Scatec CEO. The agreement details the intention to grant a licence for ship bunkering with green fuel to Scatec in the eastern region of Port Said.

The outlined plans entail the production of 100,000 tons of green methanol annually by the year 2027.

Walid Gamal El-Din, Chairman of SCZone, said supplying ships with green fuel is not merely an isolated objective but a crucial global necessity, particularly considering that maritime shipping contributes to 10 percent of the world’s carbon emissions.

Representatives from the African Development Bank (AfDB) and the British International Development Corporation, as well as Egyptian Minister of Petroleum Tarek el-Molla, and Minister of International Cooperation Rania al-Mashat have attended the signing ceremony.