Cairo – Mubasher: The Sovereign Fund of Egypt (TSFE) and Orascom Construction have signed an agreement with Norway’s Scatec and UAE-based Chemical industry company Fertiglobe to launch a green hydrogen project in at the port of Sokhna with a capacity of 100 megawatts (MW).
Ayman Soliman, CEO of TSFE, stated that the project will produce 13,000 tonnes of green hydrogen annually, converted into 70,000 tonnes of ammonia from renewable energy, according to a cabinet statement.
The project includes establishing solar and wind plants with a 270 MW capacity, Soliman revealed.
Started in 2021, the project aims to develop a green hydrogen production station, convert the hydrogen into green ammonia at the Misr Fertilizers Production Company (Mopco), and export it through Misr Green Hydrogen.
A long-term agreement with Fertiglobe will see green ammonia sold for 20 years. The pilot phase was successfully operated during COP27 in Sharm El Sheikh in 2022.
The recent agreement was signed during the Egypt-EU Investment Conference 2024, held in Cairo on June 29-30.
At the event, the Egyptian Red Sea Ports Authority (RSPA) and the New and Renewable Energy Authority (NREA) have signed an agreement with a consortium of France’s EDF Renewable and the Egyptian-Emirati company to produce green hydrogen and green ammonia in Hurghada city.
Orascom Construction saw its consolidated net profit surge to $49.80 million in the first quarter (Q1) of 2024, up from $40.10 million in the same period last year.
Fertiglobe reported net profits of $154.40 million for the first quarter (Q1) of 2024, a decrease from $188.80 million in the same period last year.
