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SK Ecoplant, a South Korean construction and plant operation company, and China’s state-run construction giant, China State Construction Engineering Corporation (CSCEC), will collaborate to construct a facility in the Suez Canal Economic Zone (SCZone) for the production of green hydrogen and green ammonia.

The project will involve investments worth $2 billion, according to a statement from SK Ecoplant. The companies aim to have the project fully operational by 2029. 

As part of the plan, they intend to utilise 778 MW of renewable energy, consisting of 500 MW of solar energy and 278 MW of onshore wind energy. 

This renewable energy will have an annual production of 50k tonnes of green hydrogen and 250k tonnes of green ammonia.

Once the Egyptian government allocates a land parcel for the project, the two companies will conduct feasibility studies and determine the exact scale and timeline of the undertaking.

This initiative is part of seven agreements recently signed by Egypt with international developers, focusing on implementing green hydrogen and renewable energy projects in the Suez Canal Economic Zone (SCZONE) within a decade. The total investment in these agreements is over $40 billion. 

Hala El Said, the Minister of Planning and Economic Development, announced that the pilot phase alone will attract investments worth $12 billion, with approximately $29 billion earmarked for the first phase.