Destiny Energy to Invest $210M in Egypt Green Ammonia Plant at SCZONE

Mr. Hossam Heiba, CEO of the General Authority for Investment and Free Zones, met with Mr. Vijay Sirse, CEO of Destiny Energy Singapore, to discuss the company's plans to establish a green ammonia production plant in Egypt.

Mr. Vijay Sirse stated that his company plans to inject investments worth $210 million USD to establish facilities to produce 53 metric tons of green hydrogen and 300 metric tons of green ammonia daily (more than 100,000 metric tons annually) in the Suez Canal Economic Zone, which enjoys infrastructure, geographical location, and investment incentives that enable it to lead the renewable energy generation sector in the region, especially with the presence of 6 ports for exporting green ammonia production to target markets.

Mr. Vijay Sirse added that the project will rely on future wind and solar energy capacities in the Suez Canal Economic Zone, whether added by the company or obtained from companies operating in this sector in the zone, making the project environmentally friendly at all stages. This strategy will contribute to reducing the total cost of the product supplied to Egyptian companies and the European Union, as energy accounts for 70% of the costs of green ammonia production projects.

Mr. Hossam Heiba said that the project has strategic importance for the Egyptian economy, as supplying green ammonia to Egyptian factories contributes to reducing the carbon footprint of exported products and complying with the requirements of the Carbon Border Adjustment Mechanism (CBAM) for goods imported to the European Union, thus improving access of goods to Egypt's most important trading partner.