Egypt Seals Deals Worth $33 Billion for Green Ammonia Production with European Developers

Egypt recently signed four agreements in the field of green ammonia with European developers at an investment cost of about 33 billion dollars during a joint Egyptian-European investment conference in Cairo. The signing ceremony was attended by Prime Minister Dr. Mostafa Madbouly, Minister of Electricity and Renewable Energy Dr. Mohamed Shaker Al-Marqabi, and Minister of Planning and Economic Development Dr. Hala Al-Saeed.

The first agreement, worth $11 billion, was made with Dai Infrastructure Company to establish a green ammonia project in East Port Said. The second agreement, with Oqure Energy, involves a total investment cost of approximately $4.250 billion for a green ammonia project in Sokhna Port targeting European markets. The third agreement, worth $3.460 billion, was signed with the alliance of “Taqa Arabia” and “Voltalia” to establish a green ammonia project in Sokhna Port. The fourth agreement, with companies including British Petroleum and Masdar, involves a total investment cost of 14 billion dollars to establish a green ammonia project in the port of Sokhna.

The agreements demonstrate a significant step towards maximizing the benefits of the investment advantages in the Suez Canal Economic Zone while showcasing growing interest from international companies in investing in Egypt’s economy. Walid Gamal El-Din, Chairman of the General Authority of the Suez Canal Economic Zone, emphasized this point during the signing ceremony while highlighting efforts to enhance cooperation with major international companies in the new and renewable energy sector. Ayman Soliman, CEO of the Egyptian Sovereign Fund, also highlighted these efforts as promoting Egypt as a regional center for green energy.

In conclusion, these agreements represent an important milestone for Egypt’s ongoing efforts to diversify its economy and reduce its dependence on fossil fuels by investing heavily in clean energy projects such as green ammonia production. As such