Suez Canal Economic Zone Authority (SCZone) Chairman Walid Salah has announced that the memorandum of understanding (MoU) between SCZone and Energy China is close to being activated and will evolve into a framework agreement.

According to the agreement, the company is set to establish an industrial complex to produce green hydrogen and green ammonia in the Sokhna integrated economic zone. The project will have investments of nearly $7 billion to annually produce 1.2 million tons of green ammonia and 210,000 tons of green hydrogen.

This came after the meeting with Assem Hanafi, Egypt’s Ambassador to China, within the framework of the SCZone delegation’s tour and discussion in Beijing.