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    SSO   NO0010715139

SCATEC ASA

(SSO)
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Real-time Oslo Bors  -  05/23 10:25:11 am EDT
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05/18SCATEC ASA : Completed share buyback for Employee Share Purchase Programme
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05/16Initiation of a share buyback for Employee Share Purchase Programme
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Gulf Oil and Gas - Scatec Met with HE President Abdel Fattah El-Sisi to Discuss Green Energy Plans

12/17/2021 | 08:25am EDT

Building on Scatec's strong renewables position in Egypt and the recently announced plan for a 100 MW green hydrogen plant in Egypt, Scatec CEO, Raymond Carlsen, (SCATC) met yesterday with HE President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, to discuss plans for large scale seawater desalination, hydrogen and ammonia production based on renewable power in the country.

The meeting was attended by the Prime Minister, Dr. Mostafa Madbouly, Minister of Electricity and Renewable Energy, Dr. Mohamed Shaker, CEO of The Sovereign Fund of Egypt, Mr Ayman Soliman and the Norwegian Ambassador, Hilde Klemetsdal, and is proof of Egypt's great ambitions to develop a range of green energy projects, and Scatec's intention to take an important role in these projects as the largest renewable energy producer in the country.

'It was a great honour to meet with HE President El-Sisi, where he shared the government's ambition to develop Egypt into a renewable hub for the region. Power from solar and wind, green hydrogen, green ammonia and water desalination are all key components of this plan and Scatec is well positioned to take part in it. We are impressed by the strong commitment shown by the country's leadership, which bodes well for the future of renewable energy and its applications in Egypt', says CEO Raymond Carlsen.

Supported by the government's ambitions, Scatec is now exploring opportunities for large scale green seawater desalination plants with local partners, to secure the fresh water supply in Egypt.

Scatec has also signed a Memorandum of Understanding (MoU) with the Suez Canal Economic Zone (SCZone) to study the development of a new green ammonia manufacturing facility, fuelled by green hydrogen produced from renewable power, mainly for export.

'We are excited to announce our participation in the development of a largescale green ammonia manufacturing facility in the SCZone, which is a key milestone in the implementation of Scatec's Power-to-X strategy. We are very proud to be partnering again with the Egyptian government to turn Egypt into a green ammonia hub for export, leveraging the Suez Canal strategic location and the support of the country's leadership for green initiatives', commented CEO Raymond Carlsen.

Eng. Yehia Zaki, Chairman of the General Authority for the SCZone, commented: 'The SCZone welcomes the opportunity to host the project at its prominent industrial areas and vital seaport, as a significant, integrated project in one of the most substantial sectors capturing the world's attention at the moment'.

Contact:

Tel: +202 2785 0023

Fax: +202 2591 8044

(C) 2021 Electronic News Publishing, source ENP Newswire

All news about SCATEC ASA
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Financials
Sales 2022 3 423 M 356 M 356 M
Net income 2022 -963 M -100 M -100 M
Net Debt 2022 16 494 M 1 718 M 1 718 M
P/E ratio 2022 -15,6x
Yield 2022 2,52%
Capitalization 15 247 M 1 588 M 1 588 M
EV / Sales 2022 9,27x
EV / Sales 2023 8,10x
Nbr of Employees 600
Free-Float 72,7%
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Number of Analysts 7
Last Close Price 94,44 NOK
Average target price 138,25 NOK
Spread / Average Target 46,4%
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Managers and Directors
Terje Pilskog Chief Executive Officer
Mikkel Tørud Chief Financial Officer
John Andersen Chairman
Jan Steffen Skogseth Independent Director
Liv Gisèle Marchand Independent Director