While developed countries seek to wean themselves off fossil fuels for ecological and geopolitical reasons, Egypt is multiplying agreements with international energy groups to position itself as a major player in the energy transition.
The Egyptian authorities signed, on the sidelines of the 27th United Nations Climate Conference (COP27), agreements worth a total of more than $83 billion with international energy groups for the construction of nine production units of hydrogen and green ammonia, announced the Egyptian Minister of Planning and Economic Development, Hala Al-Saeed, on Sunday 20 November.
“On the sidelines of COP27, Egypt has signed agreements with international companies worth a total of 83 billion dollars for the construction of nine green hydrogen and ammonia production complexes in the economic zone. of the Suez Canal”, declared the Minister in an interview granted to the information site Alborsa News, without revealing the names of these companies.
“Together, and at full capacity, these projects are expected to produce 7.6 million tonnes of green ammonia and 2.7 million tonnes of green hydrogen per year, which will position Egypt as a regional energy hub,” said she added.
The Minister also specified that green hydrogen and ammonia plant projects worth $16.5 billion will be completed by 2026, while production units requiring investments of $38 billion will be built between 2026 and 2030. Other projects with a total cost of $28.5 billion will be carried out between 2030 and 2035.
According to her, renewable energies should represent 42% of Egypt’s energy mix by 2035.