Suez Canal Inks A Historic $1.1 Billion Deal For Green Methanol Supply

A $1.1 billion memorandum of understanding (MoU) has been signed by the Suez Canal economic zone and Norway’s Scatec ASA. This strategic partnership was established outside of the COP28 conference in Dubai to give ships eco-friendly fuel options using the Suez Canal.

This specific agreement aims to provide ships at East Port Said with environmentally friendly fuel. Scatec will be permitted to use green fuel for ship bunkering in the East Port Said area.

With an estimated $1.1 billion in investments planned, this project is expected to advance environmentally friendly maritime practices significantly.

Signed by the CEO of Scatec ASA Terje Pilskog and SCZONE Chairman Walid Gamal El Dein, the Memorandum of Understanding (MoU) represented the organisation’s active involvement in COP28, showcasing investment opportunities for multinational corporations.

Prominent individuals, including Minister of International Cooperation Rania al-Mashat, Minister of Petroleum and Mineral Resources Tarek El Molla, and representatives from the African Development Bank attended the event.

By 2027, the partnership hopes to produce 100,000 tonnes of green methanol yearly, as stated in the Memorandum of Understanding. This initiative highlights a shared commitment to sustainable practices aligned with international efforts to mitigate climate change.

Reference: Reuters,sis.gov.

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