CAIRO – 29 June 2024: The Egypt-EU Investment Conference, which commenced in Cairo on Saturday, saw the signing of several agreements for renewable energy production worth billions of dollars.
One notable agreement was signed between the General Authority for Alexandria Port, Egypt's New and Renewable Energy Authority (NREA), and an international consortium led by Belgium's DEME HYPORT Energy.
The agreement pertains to a mega project for the production of green hydrogen and green ammonia.
The project, to be established in Gargoub, west of Matrouh, will require a total investment of €24 billion, with €3 billion allocated for the first phase.
The project will cover an area of 1,180 square kilometers and is part of the Ministry of Transport's plan to supply up to 2 million tons of green fuel annually to meet the EU's energy needs.
In the presence of Prime Minister Mostafa Madbouly, the Red Sea Ports Authority, New and Renewable Energy Authority (NREA), and a consortium comprising French EDF Renewable and Egyptian-Emirati Zero Waste company signed a cooperation agreement for the production of green hydrogen and green ammonia.
The agreement entails investments totaling €7 billion across three phases, with €2 billion allocated for the first phase to produce 1 million tons of green ammonia annually.
The project will be established in Ras Shukeir on the western shore of the Gulf of Suez.
Additionally, Madbouly witnessed the signing of an agreement for a green ammonia production project in Damietta between the Egyptian Petrochemicals Holding Company, Misr Fertilizers Production Company (MOPCO), and Norway's renewable energy systems leader Scatec.
The project carries an initial investment cost of $890 million and aims to produce up to 150,000 tons of green ammonia annually.
It also aims to generate renewable energies totaling 480 MW of solar power and wind energy.
Furthermore, The Sovereign Fund of Egypt (TSFE), Orascom Construction, Scatec, and Fertiglobe, a leading ammonia producer, signed an agreement for green hydrogen production in Sokhna with a capacity of 100 MW.
The project aims to produce about 13,000 tons of green hydrogen annually, which will be converted into around 70,000 tons of ammonia produced from renewable sources.
Ayman Soliman, CEO of TSFE, stated that the project includes the establishment of two renewable energy plants, utilizing wind and solar power, with a combined capacity of 270 MW to power the operations.
The Sokhna project signing - Photo: Cabinet
The Egypt-EU Investment Conference was inaugurated by President Abdel-Fattah El-Sisi and Ursula von der Leyen, President of the European Commission, at Cairo's Al Manara International Conference Center.
The conference is taking place on June 29-30 under the theme, "Unlocking Egypt's Advantages in a Fast-Changing World" with a focus on exploring the role of renewable energy in shaping a brighter future for Egypt.
Various topics of cooperation, such as the green economy and circular economy, are being addressed during the conference.
Government officials from Egypt and the EU, industry experts, and influential business leaders have convened at the conference to unlock investment opportunities.
The forum sheds light on Egypt's economic reforms aimed at enhancing competitiveness, promoting a green transition, and ensuring resilience in the face of global challenges.
Additionally, the conference focuses on several key topics, including financial vehicles for investment, technology and entrepreneurship, as well as food and water security.
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