Egypt signs 4 agreements worth $33B to establish green ammonia projects in SCZone

Cairo – June 30, 2024: Egypt has secured agreements worth $33 billion for 4 green ammonia projects during the 2nd day of the Egypt-EU Investment Conference, highlighting the growing number of green ammonia projects in the Suez Canal Economic Zone (SCZone), with Prime Minister Mostafa Madbouly attending the signing of several agreements with European partners.

The agreements, between the Sovereign Fund of Egypt (TSFE) and European developers, aim to bolster Egypt's renewable energy infrastructure, explained a cabinet statement on Sunday.

Chairperson of the Sovereign Fund of Egypt, Ayman Soliman, emphasized the fund’s commitment to promoting Egypt as a regional green energy hub by partnering with international players in the renewable energy sector.

The largest deal, worth $14 billion, involves British Petroleum (BP), Masdar, Hassan Allam Utilities, and Infinity Power Holding for a project at Sokhna Port.

The PM also witnessed the signing of an agreement with DAI Infrastructure to establish a green ammonia project in East Port Said worth $11 billion.

Additional agreements include OCIOR Energy, with an investment of $4.25 billion for the establishment of a green ammonia project to target European markets, while a consortium of TAQA Arabia and Voltalia committed $3.46 billion to also build a green ammonia project in Sokhna port.

The agreements reflect growing international confidence in Egypt’s economy and highlights the SCZone’s attractiveness as an investment destination, explained Walid Gamal El-Din, Chairperson of SCZone. The projects align with Egypt's ambitious renewable energy targets and underscore its commitment to sustainable economic growth.