· In a bid to intensify its drive for transition to green economy, Egypt has signed a memorandum of understanding (MoU) with the Norwegian company, Scate. The deal will enable the country to produce green ammonia from green hydrogen in the Suez Canal area.
In a bid to intensify its drive for transition to green economy, Egypt has signed a memorandum of understanding (MoU) with the Norwegian company, Scate. The deal will enable the country to produce green ammonia from green hydrogen in the Suez Canal area. The MOU partners from Egypt include the General Authority for the Economic Zone of the Suez Canal, the Sovereign Fund of Egypt, and the Egyptian Electricity Transmission Company, in addition to the Authority for the Development and Use of New and Renewable Energy.
The project at an investment cost of about $5 billion, will be implemented in two phases. The production is expected to start in 2025, according to Cabinet Spokesman Nader Saad.
Earlier in December, the General Authority for the Economic Zone of the Suez Canal had signed a memorandum of understanding with the Norwegian company Scatec for a feasibility study for setting up a new facility to manufacture green ammonia with a capacity of one million tons annually, using green hydrogen produced from renewable energy. The Prime Minister, Mostafa Madbouli has announced that Egypt was committed to increase investment in human capital and transition to a green economy.
According to official sources, several international companies have expressed their keenness to implement green hydrogen projects in Egypt.
Read More ; https://trendsnafrica.com/ebrd-commits-egypts-qnb-alahli-loan-worth-us-50-million-for-green-projects/
