Egypt to provide the needs of European markets for “green fuel”
The head of the “Suez Canal Economic” received a trade delegation
Tuesday – 13 Jumada Al-Awwal 1444 AH – 06 December 2022 AD
Head of the Suez Canal Economic Zone (Egyptian Cabinet page on Facebook)
Cairo: «Asharq Al-Awsat»
Egypt affirmed its endeavor to provide the European market’s needs for “green fuel”. Walid Gamal El-Din, head of the Suez Canal Economic Zone, said today (Tuesday), while receiving a delegation of economic and trade advisors in the European Union countries accredited to Egypt, that “the Suez Canal Economic Zone seeks to move forward in accelerating the pace of green fuel production to meet the needs of the markets.” European countries, according to the schedule specified for the start of production, provided that the operations of supplying ships with green fuel begin by 2026.
The European delegation is visiting the economic zone of the Suez Canal in Ain Sukhna, within the framework of “the economic zone’s strategy to open horizons for communication with investors around the world, discuss ways of economic cooperation in various fields, and ensure the consolidation of relations between the economic zone and various global companies and alliances,” according to an official statement.
The head of the Suez Canal Economic Zone referred to what he described as “promising” economic cooperation between the two sides, explaining, during a presentation, “the authority’s capabilities in terms of integrated industrial zones, and 6 ports connected to the Red Sea and the Mediterranean,” reviewing “other industries targeted by industrial zones, and incentives.” The investment it offers, in addition to the strong infrastructure and the privileged location, which makes the Suez Canal economic zone a global investment destination that has many advantages,” as he put it.
The European delegation expressed “interest” in the economic zone’s steps in the green hydrogen file, the one-stop service and the golden license, as a means of facilitating construction procedures within the Suez Canal Economic Zone, according to the official statement.
Green fuel, also known as biofuel, is a type of fuel produced by the decomposition of biomass such as plants and animal waste, and is more environmentally friendly than conventional fuels widely used in the world, according to the Energy Club of Finland.