Egypt signs 4 agreements with international companies worth $33 billion to produce green ammonia

Egypt signed 4 agreements in the field of green ammonia, between the Sovereign Fund of Egypt and a number of European developers, at an investment cost amounting to about 33 billion dollars, on the day of the joint Egyptian-European investment conference, currently being held in Cairo.

The signing was witnessed by Dr. Mostafa Madbouly, Prime Minister, in the presence of Dr. Mohamed Shaker Al-Marqabi, Minister of Electricity and Renewable Energy, and Dr. Hala Al-Saeed, Minister of Planning and Economic Development.

The agreements were signed by Walid Gamal El Din, Chairman of the General Authority for the Suez Canal Economic Zone, Ayman Soliman, CEO of the Sovereign Fund of Egypt, and Dr. Mohamed El Khayyat, CEO of the New and Renewable Energy Authority.

The Egyptian Cabinet said in a statement on Sunday that “the first agreement was made with Dai Infrastructure Company, worth $11 billion, and aims to establish a green ammonia project in East Port Said.”

The second agreement was signed with Oqure Energy, with a total investment cost of approximately $4.250 billion, and includes the establishment of a green ammonia project in Sokhna Port to target European markets.

The third agreement was signed with the alliance of “Taqa Arabia” and “Voltalia”, worth $3.460 billion, and aims to establish a green ammonia project in Sokhna Port.

As for the fourth agreement, it was signed with the companies: “British Petroleum”, “Masdar”, “Hassan Allam Utilities”, and “Infinity Power Holding”, with a total investment cost of 14 billion dollars, and aims to establish a green ammonia project in the port of Sokhna.

Walid Gamal El-Din, Chairman of the General Authority of the Suez Canal Economic Zone, stated that signing the agreements reflects the growing interest of international companies to invest in Egypt, which confirms confidence in the Egyptian economy, pointing out that there are a large number of projects being implemented in the Suez Canal Economic Zone, to maximize the benefit from the investment advantages and incentives in that region.

Ayman Soliman, CEO of the Egyptian Sovereign Fund, pointed to the efforts made by the Egyptian Sovereign Fund to enhance cooperation with major international companies operating in the field of new and renewable energy, which contributes to promoting Egypt as a regional center for green energy, by encouraging investment in this promising sector, especially in light of the investment incentive packages launched by the state recently.