Egyptian Prime Minister Mostafa Madbouly witnessed the signing of two new Memoranda of Understanding on cooperation in the development of green hydrogen production plants in the Suez Canal Economic Zone and on the Mediterranean coast.
According to a statement, the first memorandum of understanding was signed between the General Authority for the Economic Zone of the Suez Canal, the Sovereign Fund of Egypt, the Egyptian Electricity Transmission Company, the New and Renewable Energy Authority, the Abu Dhabi Future Energy Company “Masdar” of the United Arab Emirates, and the Hassan Allam Utilities Company, the investment and development arm for Hassan Allam Holding Group.
The second memorandum of understanding was signed between the Sovereign Fund of Egypt, the Egyptian Electricity Transmission Company, the New and Renewable Energy Authority, the Abu Dhabi Future Energy Company “Masdar” of the United Arab Emirates and the Hassan Allam Utilities Company of the Hassan Allam Holding Group.
Under the two memoranda of understanding, Masdar and Hassan Allam Utilities will form a strategic coalition that aspires to develop green hydrogen production plants in the Suez Canal Economic Zone and on the Mediterranean coast, in various phases up to 2030, to produce up to 480,000 tons of green hydrogen annually, through electrolysers with a capacity of 4 gigawatts.
In this context, the Egyptian Prime Minister stated that the state is working to encourage investments in the field of green energy projects, thanks to the capabilities of Egypt which qualifies it to become an important pivotal and regional center. in this vital field, which is expected to change the shape of the global energy system by the next stage, as it would accelerate the energy transition process in the region.
Source: https://asumetech.com/
Tags: Abu Dhabi, Egypt, Green Hydrogen, Suez Canal, UAE
Recent Posts
GCMD completes biofuel supply chain trials with Hapag-Lloyd
Airbus partners with Avolon on hydrogen aviation
Nuclear power transition more safe option for decarbonisation than coal
ABS presents industry’s first advisory on ammonia bunkering
AW Shipping orders multiple dual-fuel vessels from China
HIF Global partners with Airbus to advance development of SAF
ASL Aviation signs agreement with ZeroAvia for retrofit
AM Green plans to invest $1 bn to set up 2G biofuel plants