Suez Canal signs $15.6 billion deal to produce green hydrogen with a group of Chinese companies [View all]

[Caribbeans]

Suez Canal signs $15.6 billion deal to produce green hydrogen

The Economic Zone of the Suez Canal (ZCZONE) has signed a $15.6 billion agreement with a group of Chinese companies to boost green fuel manufacturing initiatives, reports Middle East media

Michele Labrut | Nov 08, 2023

The agreements are set to produce around 9,000 job opportunities and encompass the establishment of 11 projects, according to the SCZONE Chairman Walid Gamal El-Din.

Egypt has been looking to partner with international entities to produce green hydrogen and its derivatives in the Suez Canal Zone.

The Central Bank of Egypt (CBE) reported that for fiscal years 2022 and 2023, the ports affiliated with the division signed seven agreements with a value of $1.34 billion.

Egypt’s total foreign trade revenue amounted to $111.402 billion in the 2022 and 2023 fiscal years, with the UAE, US, China, and Saudi Arabia as the country’s top trading partners.

China, as the country’s third largest trading partner, saw $7.50 billion in trading volume, with $6.60 billion in imports and $904.8 million in exports...more
https://www.seatrade-maritime.com/sustainability-green-technology/suez-canal-signs-156-billion-deal-produce-green-hydrogen

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