The Suez Canal Authority is participating in a new joint stock company to collect and recycle waste in a key step towards its pledge of “greening” the waterway by 2030.
The deal establishing the Antipollution Egypt Company was signed with the Greece-based V Group in the presence of Egyptian Prime Minister Mostafa Madbouly, according to a statement.
Vyron Vasileiadis-led V Group includes Antipollution SA which operates in the majority of Greek ports and is seen as a leading provider of port reception services in the eastern Mediterranean.
The Suez Canal Authority has said it was “concluding a deal with an international company specialised in solid and liquid waste collection and recycling from the vessels”.
The Greek partner — which is not connected to V Ships shipmanagement and services group — is a major shareholder in the new company alongside the SCA, which is represented by the Canal Rope Company and the Suez Shipyard Company.
A third shareholder is Egyptian-Greek businessman Eric Adam, the owner of Cairo-headquartered Intraconsult Telecom.
Antipollution Egypt aims in the first instance to give access to state-of-the-art reception facilities for solid and liquid waste for ships transiting the canal. The facilities will be located at Port Said and Ismailia.
An important aspect of the system will be an innovative green checkpoint providing ships with digital certificates offering detailed waste analysis.
The company said that it will initially bring at least 12 barges from Greece to launch the operation but construction of eco-vessels in Egypt is also planned for the future.
The plans call for initial investments of up to $150m and the new company has committed itself to a zero waste policy from the outset of operations, as well as maintaining a zero-carbon footprint.
Antipollution Egypt also plans to build a refuse-derived fuel plant and a green hydrogen plant.
“I am proud that our premium methodology and practices, the high quality of our services and the scientific excellence of our employees has now been recognized by the world’s largest global maritime hub,” Mr Vasileiadis said. “We look forward to working with the Egyptian people for decades to come.”
The company will aim to recruit 300 people, of which 90% will be Egyptian nationals and predominantly.
The Suez Canal Authority has said that as a shortcut the canal contributes dramatically to reducing fuel consumption and emissions compared with alternative routes.
But as part of its “green canal” strategy, it is also examining incentives for vessels using green energy, reducing its own operational consumption, establishing the Middle East’s first eco-friendly marina, and other measures.