The signing of four agreements by Egypt’s sovereign fund with European developers to spend $33 billion in green ammonia projects is a big milestone for the country’s renewable energy sector.
At the EU-Egypt Investment Conference in Cairo, Prime Minister Mostafa Madbouly was in charge of the cooperation agreements. Important people, such as Ministers of Planning and Economic Development Hala El-Said and Electricity and Renewable Energy Mohammed Shaker Al-Marqabi, attended the signing event.
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The first deal, worth $11 billion, was made with DAI Infrastructure for an East Port Said green ammonia project. The second agreement, for a project at Al-Sokhna Port aimed at European markets, was signed with Ocior Energy and was valued at $4.25 billion.
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Another $3.46 billion green ammonia plant at Al-Sokhna Port will be established under a third deal between Arab Energy and Voltalia. With a total value of $14 billion, the fourth and largest agreement involves the development of a project at Al-Sokhna Port and includes British Petroleum, Masdar, Hassan Allam Utilities, and Infinity Power Holding.
The goal of these investments is to support Egypt’s economy, which has been impacted by rising prices and geopolitical unrest in Sudan and Gaza.
