Egyptian Prime Minister Dr. Mostafa Madbouly was present for the signing of seven Memorandums of Understanding (MoUs) on the beginning of studies on green hydrogen production projects in the Suez Canal Economic Zone between the Ministry of Electricity and Renewable Energy, represented by the New and Renewable Energy Development, the Egyptian Electricity Transmission Company, the Sovereign Fund of Egypt, and the General Authority of the Suez Canal.
Walied Gamal El-Dien, Chairman of SCZONE, Mohamed El Khayat, CEO of the New and Renewable Energy Authority, Ayman Soliman, Executive Director of the Sovereign Fund of Egypt, and Eng. Vice Chairman Salah Ezzat of the Egyptian Electricity Transmission Company’s board of directors.
The MoUs signed today represent Egypt’s efforts to increase local and foreign direct investments, particularly in the area of new and renewable energy production, and to position Egypt as the regional hub for the production of green fuels, according to the Egyptian Prime Minister. Additionally, to make the most of Egypt’s unique geographic position as a global hub and easy access to Europe via its seaports. These comparative advantages are illustrated by the availability of large landmasses with robust sources of renewable energy from wind and sunlight.
Numerous international and domestic consortiums and businesses have signed the MoUs, including Acwa Power from Saudi Arabia, Benchmark’s consortium, the Holding Company for Chemical Industries, China Energy, DAI from Germany, OCIOR ENERGY from India, VoltaLia-TAQA from Britain, and British Petroleum.
“The integration between the industrial zones and the affiliated ports gave the economic zone a competitive advantage that made it one of the most significant global destinations and a regional center for green fuel industries, as well as its infrastructure and network of facilities enjoyed by the Sokhna and East Port Said industrial zones, which are required to complete enormous green hydrogen projects in addition to energizing the region,” said Waleid Gamal El-Dien, Chairman of SCZONE.
Notably, the signing of the MoUs today continues the signing of 16 earlier MoUs, 9 of which were transformed into framework agreements during COP27, and it is anticipated that the implementation of feasibility studies for the projects would be finished soon.
