Minister of Petroleum and Mineral Resources Tarek El Molla has also met with Mohammed Mohaisen, President and CEO for the Middle East, North Africa, Middle Asia and Turkey at Honeywell, as well as Khaled Hashem, the President of Honeywell Egypt, to discuss the green projects currently being implemented by the Egyptian petroleum sector and the company’s availability to contribute to them, especially the Sustainable Aviation Fuel (SAF) project.
During the meeting, the minister affirmed that the SAF project is in line with the global energy transition and Egypt’s commitment to apply all laws and international conventions aiming to preserve the environment and aligning with the country’s strategy of gradual transition into green economy.
He added that this project is one of the most important value-added projects. It will boost investment opportunities in the field of localizing new technologies which achieve returns in the national economy, El Molla said.
Also, the minister noted that the project will meet part of the growing demand for fuel in the airline industry, especially since 2% of that they use must be sustainable fuel starting from January 2025. It is expected to reach 70% by 2050.
For their parts, the company’s officials pointed to the importance of this project due to the growing regional and global demand on SAF fuel noting that there are only 24 factories for SAF across the world.
They expressed their delight in increasing the company’s investments in Egypt, especially in the fields of emissions reduction, digitization, hydrogen production, improving energy consumption efficiency and others.
Furthermore, the meeting witnessed a presentation of a feasibility study for the current project and the company’s ability to establish new firm for SAF in cooperation with the Ministry of Petroleum and Mineral Resources, represented by the Egyptian Petrochemical Holding Company and the private sector’s companies with production capacity of 120,000 tons per year.
This project will depends on using the used food oil and new technologies which will reduce the carbon emissions by 90% compared to the traditional fuel. The project is expected to be established besides Alexandria National Refining and Petrochemicals (ANRPC) company in Alexandria to be integrated with the sector’s companies.