UK’s Drax Power Station showing biofuel stortage tanks and carbon capture capabilities. Image credit: Bigstock
The first phase of the project will comprise extracting algae oil for biofuel production, with an annual production capacity of 350,000 tons at $600 million, leading to the reduction of up to 1.2 million tons of carbon dioxide per year, according to H.E. Tarek El Molla, Egyptian Minister of Petroleum and Mineral Resources.
The second phase entails the production of 75,000 tons of biodegradable plastics with investment to the tune of $600 million whereby the reduction of 45,000 tons of carbon dioxide annually is targeted.
Finally, the third phase will focus on converting plastic waste into oil to be used as raw material in polyethylene production. At a cost of $50 million, this project phase is expected to have an annual output of 30,000 tons and aims to reduce 63,000 tons of carbon dioxide annually.
With Egypt contributing approximately 0.6% of global emissions, the project will be instrumental for meeting the Paris Agreement’s goal of emission and temperature reductions.
