{"id":586637,"date":"2023-05-15T00:00:00","date_gmt":"2023-05-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/scatec-to-partner-on-usd-450-mn-green-methanol-plant-plus-infrastructure-postponed-corn-trading-helpoo-stake-sale-evonik\/"},"modified":"2023-05-15T00:00:00","modified_gmt":"2023-05-15T00:00:00","slug":"scatec-to-partner-on-usd-450-mn-green-methanol-plant-plus-infrastructure-postponed-corn-trading-helpoo-stake-sale-evonik","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/scatec-to-partner-on-usd-450-mn-green-methanol-plant-plus-infrastructure-postponed-corn-trading-helpoo-stake-sale-evonik\/","title":{"rendered":"Scatec to partner on USD 450 mn green methanol plant. PLUS: infrastructure postponed, corn trading, Helpoo stake sale, Evonik"},"content":{"rendered":"

PETROCHEMICALS-<\/span><\/p>\n

<\/span>Scatec on board for green methanol plant: <\/span>Norwegian renewables producer Scatec and <\/span>Alexandria National Refining & Petrochemicals Company (ANRPC) have signed an agreement to work on a USD 450 mn green methanol plant in Damietta, the Oil Ministry <\/span>said<\/a><\/span> Sunday. The facility will initially produce 40k tons of green methanol a year, before increasing to 200k tons.<\/span><\/p>\n

REMEMBER- <\/span>Scatec has emerged as a key player in Egypt\u2019s energy sector, partnering on the country\u2019s <\/span>first green hydrogen plant<\/a><\/span> with Fertiglobe, Orascom Construction, and the Sovereign Fund of Egypt (SFE). The Norwegian company plans to sign a joint development agreement for a USD 5.5 bn <\/span>green ammonia plant<\/a><\/span> in Ain Sokhna with Egyptian Petrochemicals Holding Company and state fertilizer company Mopco.<\/span><\/p>\n

Major petrochem complex could get fast-tracked:<\/span> The government is willing to grant a <\/span>golden<\/a><\/span>license<\/a><\/span> to or otherwise help expedite the <\/span>USD 2.5 bn petrochemical complex<\/a><\/span> that Anchorage Investments hopes to build in the Suez Canal Economic Zone, Prime Minister Moustafa Madbouly said in a meeting with Suez Canal Authority boss Osama Rabie and Anchorage founder and MD Ahmed Moharram, per a <\/span>cabinet statement<\/a><\/span>. The project would be built over a 36-month period and aims to export USD 1.5 bn worth of petrochems in its first phase of operations, the statement read.<\/span><\/p>\n

INFRASTRUCTURE- <\/span><\/p>\n

North Coast infrastructure projects put on hold amid FX rationing: <\/span>An ongoing shortage of <\/span>hard currency has led the government to postpone a tender for an EGP 1 bn electricity control center in Alexandria, as well as plans to expand several housing developments in New Alamein City, according to two separate reports by Al Mal (<\/span>h<\/a><\/span>er<\/a><\/span>e<\/a><\/span> and <\/span>here<\/a><\/span>), citing sources it says are in the know. <\/span><\/p>\n

REMEMBER- <\/span>The Madbouly cabinet in January <\/span>announced<\/a><\/span> new curbs on construction <\/span>spending as part of a package of cutbacks aimed at alleviating the country\u2019s shortage of foreign currency.<\/span><\/p>\n

COMMODITIES-<\/span><\/p>\n

EMX increases limit on corn trading 10x: <\/span>The Egyptian Mercantile Exchange (EMX) has <\/span>raised the limit on corn trading to 1k tons from the previous limit of 100 tons in response to requests from the Egyptian Poultry Association, <\/span>Al Borsa<\/a><\/span> reports, citing statements from <\/span>Assistant Supply Minister Ibrahim Ashmawy. State grains buyer GASC <\/span>began selling yellow corn<\/a><\/span> to poultry feed factories via the exchange last month.<\/span><\/p>\n

SHIPPING-<\/span><\/p>\n

SCZone to launch ship supply services within days:<\/span>Bunkering <\/span>service vessels arrived at <\/span>Port Said port yesterday and are expected to launch their services within days, the Suez Canal Economic Zone <\/span>said<\/a><\/span> yesterday. This move is a part of Egypt\u2019s plan to become a one-stop shop in the region for providing services for ships including bunkering and catering.<\/span><\/p>\n

Who are the firms?<\/span> The <\/span>bunkering licenses were granted<\/a><\/span> to Coral Energy, Minerva Bunkering, and Peninsula companies in February 2022 for one year only. Renewal is contingent upon the firm\u2019s performance review. The three firms were awarded four licenses \u2014 two on the Red Sea and two on the Mediterranean \u2014 following a tender in February.<\/span><\/p>\n

STARTUPS-<\/span><\/p>\n

Egyptian automotive startup Helpoo receives investment from Saudi firm:<\/span> Saudi-based <\/span>automotive services provider <\/span>Morni Holding<\/a><\/span> has acquired an undisclosed stake <\/span>in Egyptian startup <\/span>Helpoo<\/a><\/span>, Morni <\/span>advisor Exits said in a <\/span>press release (pdf)<\/a><\/span> on Monday, without disclosing the value of the transaction. Helpoo \u2014 which offers tech-enabled car ins. and roadside assistance services \u2014 will use the investment to expand its operations and launch new projects, and will also get technical support from Morni.<\/span><\/p>\n

ICYMI-<\/span> Morni wants to deploy USD 10 mn by the end of the decade to make acquisition<\/span>s in <\/span>Egypt, Exits <\/span>told us<\/a><\/span> last year.<\/span><\/p>\n

Ready, set, race:<\/span>R<\/a><\/span>acemate<\/a><\/span>\u2014 an app that offers personalized and real-time pacing strategies, <\/span>audio guidance, and live tracking features for participants in running events \u2014 last month expanded to Dubai, according to a company <\/span>press release (pdf)<\/a><\/span>. The app was launched in 2021 by local sports event management company <\/span>TriFactory<\/a><\/span> and software developer <\/span>Optomatica<\/a><\/span>. It has been used in <\/span>a <\/span>dozen races across the country and plans to continue expanding here and across the MENA region. <\/span><\/p>\n

PHARMA-<\/span><\/p>\n

Evonik meds are coming to Egypt:<\/span> German specialty chemicals company <\/span>Evonik Industries<\/a><\/span>has teamed up with French <\/span>distributor <\/span>Safic-Alcan<\/a><\/span> to <\/span>exp<\/span>ort <\/span>its nutraceutical products to Egypt, it said in <\/span>a press release (pdf)<\/a><\/span> last week<\/span>. Under the agreement, Safic-Alcan will distribute Evonik immunity, nutricosmetic, and brain and cardiovascular products in Egypt.<\/span><\/p>\n

WASTE MANAGEMENT-<\/span><\/p>\n

EU funding for the circular economy:<\/span> The Environment Ministry last week launched the <\/span>second phase of the EU-funded <\/span>SwitchMed initiative<\/a><\/span>, which aims to promote sustainable consumption and the circular economy in Southern Mediterranean countries, the Environment Ministry <\/span>said<\/a><\/span> last week. The program is focusing on mak<\/span>ing supply chains for the local textile industry more sustainabl<\/span>e and reducing single-use plastics.<\/span><\/p>\n

SOUND SMART- <\/span>The circular economy is a business model that tries to limit waste and puts <\/span>sustainability at the heart of production and consumption. Reusing and recycling waste, limiting pollution, and regenerating natural environments are all key \u201ccircular\u201d concepts.<\/span><\/p>\n

DEVELOPMENT FINANCE-<\/span><\/p>\n

Gov\u2019t, UN to continue working on Upper Egypt development: <\/span>The International Cooperation <\/span>Ministry and the UN yesterday launched a new phase of the <\/span>Egypt Network for Integrated Development (ENID)<\/a><\/span> for 2023-2027, the ministry said in <\/span>a statement<\/a><\/span>. Started in 2012, ENID is focused on upgrading basic services, promoting MSMEs and developing sustainable agriculture in Upper Egypt.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Scatec has become a key player in Egypt\u2019s green energy industry<\/p>\n","protected":false},"author":1,"featured_media":586638,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[7061,111,1328,144,101,72,453,7192,7062,7034,2917,7063,7111,7064,705,427,7065,7066,573,416,7067,7085,452],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-alexandria-national-refining-petrochemicals-company","tag-also-on-our-radar","tag-anchorage-investments","tag-automotive","tag-development-finance","tag-enterpriseam","tag-environment-ministry","tag-eu","tag-evonik","tag-exits","tag-golden-licenses","tag-helpoo","tag-infrastructure","tag-morni-holding","tag-petrochemicals","tag-pharma","tag-racemate","tag-safic-alcan","tag-scatec","tag-suez-canal-economic-zone","tag-switchmed","tag-un","tag-waste-management","wpautop","entry"],"acf":{"mongo_id":"47413417-b184-4c5b-9675-832759b90a72","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/803.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Scatec to partner with Egyptian firm on USD 450 mn green methanol plant","related_issue":[586617],"teaser":"Scatec has become a key player in Egypt\u2019s green energy industry","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.f75a9a3b-abf1-4d1f-adc1-989b681517da.mp3"},"yoast_head":"\nScatec to partner on USD 450 mn green methanol plant. 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