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Tuesday, 26 April 2022

Honeywell eyes USD 200 mn worth of investments in Egypt

US conglomerate Honeywell is looking to invest around USD 200 mn in petrochemicals and the production of green fuels for aircraft in Egypt, the company’s North Africa head Khaled Hashem said in a meeting with Oil Minister Tarek El Molla, according to a statement by the ministry released on Friday. Egypt’s location could see it become a pivotal center linking Europe to the Middle East in green fuel projects to supply ships and produce hydrogen and ammonia, Hashem said.

A local manufacturing tie-in? Honeywell is also looking to work with the oil ministry to install devices to monitor warehouses and to manufacture some equipment for the project locally, which would save around 20-30% of the production cost, Hashem said.

Honeywell is eyeing a bigger green footprint in Egypt: The company wants to increase its role in Egypt’s petroleum sector and take part in strategic projects, with a particular interest in green projects, the statement said. Honeywell is looking to provide technology including carbon capture and storage and contribute to climate-friendly initiatives ahead of COP27, which is taking place in Sharm El Sheikh this November.

Honeywell has been working on several high-profile projects in Egypt over the past few years, including implementing the new capital’s smart city management system alongside Etisalat.

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