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Egypt Signs Agreements Worth $33 billion for Green Ammonia with European Developers

July 1, 2024


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 project at Al-Sokhna Port.

European firms are anticipated to finalize agreements potentially exceeding USD 42.85 billion (EGP 2 trillion) with Egyptian partners during the Egypt-EU Investment Conference, aimed at boosting Egypt’s vulnerable economy.

President Abdel Fattah Al Sisi emphasized that the conference was taking place at a “critical juncture,” amidst successive international and regional crises, highlighting the need for coordinated efforts between Europe and Egypt.

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