Egypt recently signed four agreements with European developers in the field of green ammonia, totaling approximately 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 an 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, involving companies including British Petroleum and Masdar, has an investment cost of 14 billion dollars to establish a green ammonia project in the port of Sokhna.
Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone emphasized the growing interest of international companies in investing in Egypt and showcased confidence in the Egyptian economy as he highlighted efforts to enhance cooperation with major international companies in the new and renewable energy sector. Ayman Soliman CEO of the Egyptian Sovereign Fund also mentioned promoting Egypt as a regional center for green energy through these agreements which demonstrate significant progress towards maximizing the benefits of investment advantages in the Suez Canal Economic Zone.
