Egypt’s sovereign fund has signed four agreements totaling USD 33 billion (EGP 1.5 trillion) in green ammonia projects with European developers, according to a cabinet statement released on Sunday, 30 June. The agreements were signed during the Egypt-EU Investment Conference in Cairo, with Prime Minister Mostafa Madbouly, Egyptian Minister of Electricity and Renewable Energy Mohammed Shaker Al-Marqabi, and Minister of Planning and Economic Development Hala El-Said in attendance. The first agreement was signed with DAI Infrastructure, a Frankfurt-based infrastructure investment firm, worth USD 11 billion (EGP 527 billion), to develop a green ammonia project at East Port Said. The second agreement was with Indian renewable energy company Ocior, with USD 4.25 billion (EGP 203 billion) contract for a green ammonia project at Al-Sokhna Port, aimed at European markets. The third agreement, valued at USD 3.46 billion (EGP 166 billion), involved a partnership between Arab Energy and Voltalia to establish another green ammonia project at Al-Sokhna Port. British Petroleum, Masdar, Hassan Allam Utilities, and Infinity Power Holding formed a consortium for the fourth agreement, amounting to USD 14 billion (EGP 671 billion). This alliance aims to develop a green ammonia…
Egypt Signs Agreements Worth $33 billion for Green Ammonia with European Developers
July 1, 2024
