The Egyptian Prime Minister, Mostafa Madbouly, witnessed the signing of two new memorandums of understanding on cooperation in the development of production plants green hydrogen 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 for the Economic Zone of the Suez Canal, the Sovereign Fund of Egypt, the Egyptian Electricity Transmission Company, the New and Renewable Energy Authority, the Abu Dhabi Future Energy Company “Masdar” of the United Arab Emirates, and the Hassan Allam Utilities Company, the investment arm. and development for 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” of the United Arab Emirates, and the Hassan Allam Utilities Company of the Hassan Allam Holding Group.
Under the two memorandums of understanding, Masdar and Hassan Allam Utilities will form a strategic coalition that aspires to develop green hydrogen production plants in the Suez Canal Economic Zone and on the Mediterranean coast, in various stages extending until 2030, to produce up to 480,000 tons of hydrogen. Green annually, through electrolyzers with a capacity of 4 gigawatts.
In this context, the Egyptian Prime Minister affirmed that the state is working to encourage investments in the field of green energy projects, thanks to the capabilities that Egypt enjoys that qualifies it to become an important pivotal and regional center in this vital field, which is expected to change the shape of the global energy system within The next stage, as it would accelerate the energy transition process in the region.
The two companies view Egypt as a center for green hydrogen production, a market for refueling, and exports to Europe, in addition to boosting the local industry.
The two agreements will contribute to consolidating the strategic partnership between Egypt and the United Arab Emirates in the fields of clean and renewable energy and green hydrogen, and are in line with the carbon emission reduction agenda, especially in light of the two countries’ preparations to host the COP27 and COP28 conferences.