Egypt has signed seven more pacts with local and international companies to study the development of green hydrogen production in the Suez Canal Economic Zone.
The memorandums of understanding (MoU) were signed between the General Authority for Suez Canal Economic Zone (SCZONE), the Sovereign Fund of Egypt, the Egyptian Electricity Transmission Company (EETC), the Ministry of Electricity and Renewable Energy and a group of companies and consortia.
The companies planning to establish large-scale green hydrogen projects in the North African country include Saudi Arabia’s ACWA Power (TADAWUL:2082), Benchmark’s consortium, the Holding Company for Chemical Industries, China Energy, Germany’s DAI, India’s OCIOR ENERGY, a consortium of French renewable power plants operator Voltalia SA (EPA:VLTSA) and Egyptian energy company TAQA Arabia, as well as oil major BP p.l.c (LON:BP), SCZONE said on Wednesday.
The signing ceremony took place in the New Administrative Capital on Wednesday and was attended by Egypt's prime minister Mostafa Madbouly.
The latest pacts support Egypt's efforts to become a regional hub for green fuel production, taking advantage of its massive potential for wind and solar energy, its geographical location and the existing port infrastructure. They come on top of 16 MoUs that were signed in the spring and the summer and nine of these pacts were followed by framework agreements during COP27 in Sharm El Sheikh in November.
Most of the planned projects will be located in the Suez Canal Economic Zone. Commenting on the region's strategic role, SCZONE's chairman Waleid Gamal El-Dien said: “The integration between the industrial zones and the affiliated ports gave the economic zone a competitive advantage that made it one of the most important global destinations and a regional center for green fuel industries".
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