Egypt: Egypt has partnered with Norway's Scatec to launch the country's very first green Methanol production project at Damietta Port, with a whopping investment of $450 million. This ground-breaking initiative is set to put Egypt on the world map as one of the leading countries producing eco-friendly fuel for ships, marking a significant milestone for the Middle East.

A recent agreement signed between the Alexandria National Refining and Petrochemicals Company (ANRPC), Norwegian renewable energy solutions provider Scatec, and the Egyptian Bioethanol Company will pave the way for an eco-friendly future. The project aims to produce 40,000 tons of green Methanol annually, with potential to increase to 200,000 tons per year, to promote sustainable production practices. In addition, this venture will provide novel opportunities for the Egyptian petrochemical sector to export environmentally friendly products.

The latest project venture encompasses the development of renewable energy facilities with a minimum capacity of 40 MW for solar power and 120 MW for wind power. Additionally, it entails the establishment of a green Hydrogen analyzer having a capacity of 60 MW. The project will not only include the construction of a seawater desalination plant but also the development of green Methanol production and storage stations per the agreement.

Egypt is set to establish its inaugural station for providing ships with eco-friendly bio-fuel, according to recent reports. The move is a part of a new agreement signed between the Egyptian government and energy company, Scatec. Terje Pilskog, Chairman of Scatec, stated that the accord demonstrates the company's commitment to working alongside Egypt in offering sustainable, top-quality green fuel at affordable prices. This initiative aims to position Egypt as a leading manufacturer and exporter of green chemical products while also establishing it as a key destination for supplying green fuel to international shipping lines. It is worth noting that this project marks the second of its kind between Scatec and the Egyptian government.

In November of last year, the President of Egypt, Abdel-Fattah El-Sisi and the Prime Minister of Norway, Jonas Gahr Store, launched the initial stage of a green Hydrogen plant project. Located in Ain Sokhna on the Red Sea, this plant boasts a production capacity of 100 MW.

The Norwegian company had already entered into an agreement with the Egyptian Petrochemicals Holding Company and Misr Fertilizers Production Company (MOPCO) to establish a green Ammonia project in Damietta.

Scatec plays a pivotal role in the development of Egypt's colossal Benban solar park in Aswan, which is regarded as one of the largest solar parks globally, with a total capacity of 1.8 GW. Egypt has signed multiple MoUs with international organizations in the previous year to invite foreign investment in green Hydrogen and establish itself as a center for Hydrogen production. Also, the country's National Climate Strategy 2050, unveiled in May 2022, outlines its commitment to reducing carbon emissions, promoting renewable energy sources, and exploring alternative energy forms such as green Hydrogen.