Egypt's Ain Sokhna Port (Photo:Reuters)
CAIRO - 25 August 2022: Egypt’s Prime Minister Mostafa Madbouli witnessed the signing of seven new memoranda of understanding to implement projects to establish industrial complexes with the aim of producing green hydrogen within the industrial zone in Ain Sokhna.
Agreements were signed between a number of government agencies represented by the New and Renewable Energy Authority, the General Authority for the Economic Zone of the Suez Canal, the Egyptian Electricity Transmission and Distribution Company, Egypt's Sovereign Fund, and international companies and consortiums specialized in the production of new and renewable energy.
The international consortium includes the British Globeleq Company, the Saudi Alfanar Company, the Emirati Alcazar Energy Company, the Emirati K & K Company, and the American-Egyptian MEP Energy Company.
Among the companies that signed the MoU with the government was the Indian group ACME, which specializes in the field of green hydrogen, and the British "Actis".
The Egyptian government is intensifying its efforts to proceed with green hydrogen production projects in Egypt, and has signed a number of memoranda of understanding with international and Arab companies to establish projects with huge investments. The government is seeking to activate these projects during the upcoming climate summit in Sharm El Sheikh.
According to local media outlets, the investments to be pumped to implement the pilot projects for the production of green hydrogen over the next four years amount to about $7.4 billion to be implemented by 8 Arab and foreign consortium companies.
Fortescue Future Industries aims to invest $1.9 billion in the pilot phase of green hydrogen production, while Scatec has allocated about $500 million to implement the pilot phase of green hydrogen production, which is the same value that Maersk intends to pump into the trial phase, according to the data circulated at the local media.
EDF is also seeking to allocate $600 million to investments in the pilot phase of green hydrogen production.
Moreover, Total Energies company is looking forward to investing $500 million in the pilot phase of hydrogen production, and the Belgian company Demi has expressed its intention to invest $1 billion over the next four years in the pilot phase of hydrogen production.
EMEA Power intends to invest $1.1 billion in the pilot phase of hydrogen production until 2026, which is the same amount that the UAE company Masdar intends to pump into the pilot phase of green hydrogen production in Egypt