The Egyptian Cabinet said on Sunday that the Sovereign Fund of Egypt signed four agreements in the field of green ammonia with a number of European developers at an investment cost amounting to about $33 billion, on the sidelines of the joint Egyptian-European investment conference held in Cairo.
According to a statement by the Council of Ministers on its Facebook account, the following was signed:
- The first agreement is with DAI, worth $11 billion, and aims to establish a green ammonia project in East Port Said.
- The second agreement is with Ocior Energy, with a total investment cost of about 4 billion and 250 million dollars, and includes the establishment of a green ammonia project in Sokhna Port to target European markets.
- The third agreement is with the alliance of an Arab energy company and “VOLTALIA”, worth 3 billion and 460 million dollars, and aims to establish a green ammonia project in the port of Sokhna.
- As for the fourth agreement, it was signed with the companies: “British Petroleum”, “Masdar” (MASDAR), “Hassan Allam” for utilities, and “Infinity Power” Holding, with a total investment cost of 14 billion dollars, and aims to establish a green ammonia project in the port of… Sokhna.
The head of the General Authority of the Suez Canal Economic Zone, Walid Gamal El-Din, said that the signing of today’s agreements reflects the increasing interest of international companies to invest in Egypt, which confirms confidence in the Egyptian economy.
He added that there are a large number of projects being implemented in the Suez Canal Economic Zone, to maximize the benefits and investment incentives in that region.
The Prime Minister stressed thatMostafa Madbouly previously said that There is an important opportunity for Egypt to be a source of clean energy due to its large resources of sun and wind and the availability of great potential to produce green hydrogen, and then export it to the European continent, as an alternative to traditional energy sources.
