Singapore’s Destiny Energy to develop $210M ammonia production plant in SCZONE
Updated 11/12/2025 10:29:00 AM
Arab Finance: Singapore-based Destiny Energy Pte Ltd is planning to establish a $210 million green ammonia production plant in the Suez Canal Economic Zone (SCZONE), according to a statement.
Vijay Sirse, Founder and CEO of Destiny Energy, noted that the facility is set to produce 53 metric tons of green hydrogen and 300 metric tons of green ammonia daily. The project’s annual production will exceed 100,000 metric tons.
He also highlighted that the SCZONE enjoys enhanced infrastructure, a strategic geographic location, and investment incentives that position it to lead the renewable energy sector in the region, particularly with its six ports for exporting green ammonia to target markets.
Moreover, he said that the project will rely on the future wind and solar energy capacities in the SCZONE, whether added by the company itself or acquired from other firms operating in this sector within the region.
This strategy will contribute to reducing the overall cost of the product supplied to Egyptian and EU companies, as energy accounts for 70% of the costs of green ammonia production projects.
For his part, Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), stated that the project will supply green ammonia to Egyptian factories, hence contributing to reducing the carbon footprint of exported products.
It will also adhere to the requirements of the Carbon Border Adjustment Mechanism (CBAM), improving access for Egypt’s goods to its most important trading partner, Heiba added.
He affirmed the government's support for clean energy projects, whether through investment incentives that can reimburse up to 55% of the project's investment cost via tax deductions for companies over seven years or by providing development financing opportunities via the national platform of the Egypt Nexus of Water, Food, and Energy (NWFE) program.
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