Egypt signs $M MoU with Norway's Scatec to produce green hydrogen

  • 11 March 2022 / News / 392 / Fares RAHAHLIA


Egypt signs $M MoU with Norway's Scatec to produce green hydrogen
Egypt signed a memorandum of understanding (MoU) with the Norwegian company, Scatec, to produce green ammonia from green hydrogen in the Suez Canal area.
 
Parties of the MoU include the General Authority for the Economic Zone of the Suez Canal, the Sovereign Fund of Egypt, the Egyptian Electricity Transmission Company, in addition to the Authority for the Development and Use of New and Renewable Energy.
 
The investment cost of the project is estimated at about $5 billion, and it will be implemented in two phases, and production is expected to start in 2025, according to Cabinet Spokesman Nader Saad.
 
“The Egyptian state has pledged itself to move forward to achieve development and increase investment in human capital and transition to a green economy,” according to the Prime Minister, Mostafa Madbouli.
 
Madbouli added that there are many international companies that have announced their desire to implement green hydrogen projects in Egypt, and there are promising opportunities to implement such projects.
 
In December, the General Authority for the Economic Zone of the Suez Canal signed a memorandum of understanding with the Norwegian company Scatec, regarding the study of establishing a new facility to manufacture green ammonia with a capacity of one million tons annually, using green hydrogen produced from renewable energy.

source: egypttoday

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