Egypt and the UAE sign agreements to produce 480,000 tonnes of green hydrogen annually

Egyptian Prime Minister Mostafa Madbouly witnessed the signing of two new memoranda of understanding on cooperation in the development of green hydrogen production facilities in the economic zone of the Suez Canal and on the Mediterranean coast.

According to a statement, the first memorandum of understanding was signed between the General Authority of the Suez Canal Economic Zone, Egypt’s Sovereign Fund, Egyptian Electricity Transmission Company, New and Renewable Energy Authority, Abu Dhabi Future Energy Company “Masdar” in the United Arab Emirates and Hassan Allam Utilities Company , the investment department and the development of Hassan Allam Holding Group.

The second Memorandum of Understanding was signed between the Sovereign Fund of Egypt, the Egyptian Electricity Transmission Company, the New and Renewable Energy Authority, the Abu Dhabi Future Energy Company “Masdar” in the United Arab Emirates and the Hassan Allam Utilities Company of the Hassan Allam Holding Group.

Under the two Memoranda of Understanding, Masdar and Hassan Allam Utilities will form a strategic coalition seeking to develop green hydrogen production facilities in the economic zone of the Suez Canal and on the Mediterranean coast, in various phases extending until 2030, to produce up to 480,000 tonnes of hydrogen Green annually through electrolysers with a capacity of 4 gigawatts.

In this context, the Egyptian Prime Minister confirmed that the state is working to promote investment in green energy projects, thanks to the capabilities that Egypt enjoys, which qualifies it to become an important central and regional center in this vital area, which is is expected to change the shape of the global energy system within the next phase, as it would accelerate the energy conversion process in the region.

The two companies consider Egypt as a center for green hydrogen production, a market for refueling and exports to Europe, in addition to boosting local industry.

The two agreements will help consolidate the strategic partnership between Egypt and the United Arab Emirates in the field of clean and renewable energy and green hydrogen and are in line with the CO2 emission reduction agenda, especially in the light of the two countries’ preparations to host COP27 and COP28. the conferences.

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