Egypt, Norway sign deal for new $450 mln green methanol production plant
Egypt’s Prime Minister Moustafa Madbouly has witnessed on Sunday the signing ceremony of a new green methanol production joint development deal with Norway’s Scatec, to be in Damietta Port with investments of $450 million.
The deal will contribute to place Egypt on the global map of nations that produce green fuel for ships, as the project considers as the “first of its kind” in Egypt and the Middle East, said Ministry of Petroleum and Mineral Resources.
The plant will produce 40,000 tons of green methanol per year, which could be increased to 200,000 tons annually to encourage the shift towards green production, Egypt’s cabinet stated.
Salah Gaber, head of Alexandria National Refining and Petrochemicals Company (ANRPC) has signed the deal along with the leading Norwegian renewable energy solutions provider Scatec, in collaboration with the Egyptian Bioethanol Company.
The new project will include the construction of renewable power plants with capacities of at least 40 MW for solar power and 120 MW for wind power, as well as a 60 MW green hydrogen analyzer.
Scatec CEO, Terrier Belskog described the project as a “new step to enhance co-operation with Egypt”, which is the company’s top priority providing high-quality sustainable green fuel at competitive prices.
