In Egypt, the Gulf of Suez will benefit from an innovative memorandum of understanding for the industrial decarbonization of the region.
Technical cooperation
In Egypt, Egyptian Natural Gas Holding Company (EGAS), Seasplit Technologies and General Electric (GE) sign a memorandum of understanding. The three partners plan to assess the technical and economic feasibility of developing 1.5GW of offshore wind power. In addition, they are also evaluating how Egyptian oil companies could participate in the project.
In Africa and the Middle East, the development of offshore wind energy would make it possible to supply offshore oil and gas installations. In addition, the excess power can also be fed into the grid. Tarek El Molla, Egypt’s Minister of Petroleum and Mineral Resources, says:
“There is no doubt that this agreement will help address the challenge of climate change and is in line with the Ministry of Petroleum and Mineral Resources’ strategy to move towards clean energy and benefit from offshore wind power in the Gulf of Suez, and the advanced solutions of GE and Seasplit Technologies.”
A net zero target
The MOU provides that EGAS will facilitate Seasplit and GE’s interactions with government authorities. Seasplit Technologies will provide the technical, financial and legal resources necessary to evaluate, structure and develop the Gulf of Suez project. GE will allow Seasplit to conduct feasibility studies to meet the project development milestones.
The objective of this MOU is to transform the Gulf of Suez into a net zero industrial zone. In addition, it is also to meet the renewable energy objectives of the Ministry of Petroleum and Mineral Resources. In addition, the project is expected to create new location, supply chain and employment opportunities.
