Singapore Energy Firm Plans Green Ammonia Venture In Egypt

The US$210M project positioned to benefit from the new EU carbon import framework

Singapore-based Destiny Energy plans to invest US$210m to establish hydrogen and ammonia production facilities in the Suez Canal Economic Zone (SCZone), which when complete, will have the capacity of 53 tonnes of green hydrogen and 300 tonnes of green ammonia per day. The renewable power required will either be sourced from existing providers operating in the area or developed by the company. CEO Vijay Sirse met recently with Egypt’s General Authority for Investment and Free Zones to discuss the project. The company, established by India-born Sirse in 2021, is a developer and operator of Renewable Energy Projects. It is currently also involved in a green hydrogen value chain project in Estonia.

Both hydrogen and ammonia are considered “green” when the energy used to produce them comes from renewable sources such as solar, wind or geothermal power. Hydrogen, generated by splitting water molecules through electrolysis, is an emissions-free alternative to fossil fuels. It is also a key input in ammonia, which is used widely in nitrogen fertilisers, as a maritime fuel, and in a range of industrial products including plastics, explosives and synthetic fibres.

The SCZone spans more than 460 km² across the eastern and western banks of the Suez Canal. It operates as a special economic zone with its own regulatory framework, financial incentives and a self-contained industrial ecosystem. The zone comprises four industrial areas and six seaports. Egypt is positioning the zone as a centre for green-fuel production, supplying both export markets and the bunkering industry.

By providing green ammonia to Egyptian factories, Destiny Energy’s project would help lower the carbon footprint of exported goods, aligning with the aims of the European Union’s Carbon Border Adjustment Mechanism (CBAM), which seeks to encourage cleaner production. From 1 January 2026, EU importers will be required to buy CBAM certificates reflecting the embedded emissions of the goods they bring into the bloc. Lower-emission production in Egypt would therefore reduce the number of certificates an EU buyer must purchase and make Egyptian exports more competitive in their largest trading market.

Destiny Energy’s plans coincide with a broader deepening of Singapore-Egypt economic ties. The two countries have signed several cooperation agreements, including a plan for Singaporean companies to support the digitalisation of West Port Said at the northern entrance of the Suez Canal, turning it into a smart port modelled on Singapore’s own.

Egypt is also seeking more investments from Singapore. SCZone Chairman Walid Gamal El-Din has even proposed carving out a n industrial zone exclusively for Singapore firms within the SCZONE. Singapore firms have been invited to invest in port terminal developments and bunkering services, using conventional or green fuels.