Egypt, Norway Ink Agreement for New $450 Mln Green Methanol Production Project

On Sunday, Egypt signed a joint development agreement with Norway’s Scatec to establish the country’s first green methanol production project in Damietta Port with investments worth around $450 million. 

The project is the “first of its kind” in Egypt and the Middle East and will “contribute to placing Egypt on the global map of nations that produce green fuel for ships,” the Ministry of Petroleum and Mineral Resources said in a statement.

The project 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.