Suez Canal Authority’s (SCA) Chairman Mohab Mamesh signed a memorandum of Understanding (MOU) with the French Ecoslops Co to establish a new company on the Suez Canal Economic Zone (SC Zone), a statement issued by SCA on Wednesday announced.
Ecoslops has a technology capable of transforming oil residues from shipping slops and sludge into new fuels and light bitumen.
The signing ceremony was attended Vincent Favier, chairman of Ecoslops company, Canal Naval Construction Co. chairman Ibrahim Abdel Gawwad and Eric Vial, CEO of the French company Ecoceane, specialized in pollution control and adsorption of hydrocarbons.
Ecoslops provides solutions related to the treatment of slops to port infrastructure, waste collectors, and ship owners. Ecoslops was founded in 2005 and is based in Paris, France.
Mamesh said the agreement shows SC Zone’s keenness on preserving environment in the area, in cooperation with the French company.
Mamesh said earlier that 105 projects have been implemented within the SC Zone.
Thirty projects with total investments of $20.3 billion were approved inside the SC Zone, according to the SC Zone’s 2016 annual report.