News

2018 January 24 16:58

French government supports agreement with the Suez Canal for a detailed feasibility study

Ecoslops announces that it has made further progress in its project to  expand in Egypt by signing a Memorandum of Understanding (MoU) with the Suez Canal Economic  Zone for the development of a detailed feasibility study. The potential for recovering oil residues transiting the Suez Canal is estimated at more than 40,000  tonnes per year, based on 18,000 passages and 7,000 ports of call. Egypt also has important world-class ports like Alexandria, generating more than 5,000 calls a year, which also have significant  potential for waste generation.

Based on this, and in continuation with the Letter of Intent signed in March 2017 with SSCO, a subsidiary of Egyptian General Petroleum Corporation (EGPC), Ecoslops and the Suez Canal Economic  Zone have decided to combine their efforts to conduct a study on the regulatory, technical, financial  and commercial aspects of the project. This project aims to contribute to increasing the competitiveness of the Suez Canal and Egyptian  ports by providing a collection and waste treatment service of the highest international standards,  as well as providing ship owners with essential traceability on their hydrocarbon waste. The goal of both parties is to complete this study by the 3rd quarter of 2018. This project benefits from the active support of the French government,  through the granting of financial assistance to the study (FASEP), and the  support of the Economical service of the french Ambassy in Cairo.

ABOUT ECOSLOPS

Ecoslops is listed on Euronext Growth in Paris  Code ISIN : FR0011490648  Ticker : ALESA / PEA-PME eligible Player of the circular economy, Ecoslops has developed and implemented a unique techno- logy to upgrade maritime transport oil residues (slops and sludge) into new fuels and light  bitumen. The solution proposed by Ecoslops is based on a unique micro-refining industrial  process that transforms these residues into commercial products that meet international  standards. Ecoslops offers an economic and ecological solution to port infrastructure, waste  collectors and ship-owners through its processing plants.