Egypt signs deals for USD 33bn of green ammonia projects with EU cos

European companies have signed four agreements with the Sovereign Fund of Egypt (TSFE) for green ammonia projects in Egypt requiring a combined investment of almost USD 33 billion (EUR 30.7bn), it was announced this weekend.

The deals were signed on the sidelines of the EU-Egypt Investment Conference that took place in Cairo on June 29-30, 2024.

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According to an announcement from the Egyptian cabinet, a USD-11-billion investment is associated with a green ammonia project at the East Port Said port, while a further USD 14 billion will be invested by BP, Masdar, Hassan Allam Utilities and Infinity Power as part of a green ammonia project at the port of Sokhna. The latter port will also accommodate two other green ammonia projects with investments of USD 4.25 billion from Ocior Energy and USD 3.46 billion from Taqa Arabia and Voltalia SA.

At the same time, Prime Minister Mustafa Madbouli witnessed the signing of a deal between the Nile University and GH2 Green Hydrogen Organization for the creation of an International Green Hydrogen Center.

Separately, the European Commission announced the signing of a Memorandum of Understanding (MoU) for the disbursement to Egypt of up to EUR 1 billion in Macro-Financial Assistance.

All in all, the conference resulted in the signing of 29 agreements and MoUs worth a total of EUR 49 billion with EU companies along with six deals and MoUs valued at a combined EUR 18.7 billion with alliances and other companies.

(USD 1.0 = EUR 0.930)