Sirse said his company plans to invest $210 million to build
facilities capable of producing 53 metric tons of green hydrogen and 300 metric
tons of green ammonia per day (over 100,000 metric tons annually) in the Suez
Canal Economic Zone. He highlighted the zone’s infrastructure, strategic
location, and investment incentives, which position it to lead the region’s
renewable energy sector, particularly with its six ports for exporting green
ammonia to target markets.
He added that the project will rely on future wind and solar
energy capacities in the Suez Canal Economic Zone, whether generated by the
company itself or sourced from other operators in the area. This approach
ensures the project is environmentally friendly at all stages and contributes
to reducing the overall cost of the product supplied to Egyptian and European
companies, as energy accounts for 70% of green ammonia production costs.
Heiba stressed the project’s strategic importance for the
Egyptian economy, as supplying green ammonia to local factories helps reduce
the carbon footprint of exported products and complies with the European
Union’s Carbon Border Adjustment Mechanism (CBAM), improving access to Egypt’s
key trading partner.
He also confirmed the government’s support for clean energy
projects, through investment incentives covering up to 55% of project costs via
tax deductions over seven years, and by providing development financing
opportunities through the national platform of the Egypt Nexus of Water, Food
and Energy (NWFE) program. He noted that EU countries are keen for Egypt to secure
a significant share of Europe’s green ammonia imports, projected to reach 4
million tons by 2030, particularly following the signing of the Comprehensive
Strategic Partnership Agreement between the two sides.
GAFI organized a field visit for Destiny Energy Singapore
representatives to the Suez Canal Economic Zone, showcasing the area’s highly
efficient infrastructure, easy access to export ports, and diverse renewable
energy sources. Previously, GAFI participated in the Africa-Singapore Business
Forum at the end of August, attended by 700 representatives from governments
and business institutions across Asia and Africa, paving the way for a notable
increase in Singaporean investment interest in Egypt as part of the
government’s plan to diversify and sustain its investment portfolio.