China Energy will start the construction works of a $5.1 billion hydrogen project in Egypt next May, according to a cabinet statement on March 8th.
The announcement came during a meeting headed by Prime Minister Mostafa Madbouly in the presence of China Energy’s Chairman.
China Energy and Egypt signed last November a memorandum of understanding (MoU) to establish a green hydrogen production project in Egypt, with the possibility of exporting green ammonia to European markets, a move that would bring more hard currency for the country.
For his part, Madbouly welcomed the Chinese firm’s interest in pumping new investments in the field of green hydrogen and water desalination in Egypt, expressing his country’s readiness to provide the largest possible package of incentives necessary to implement these projects.
Since 2009, China Energy implemented about 10 projects in the field of energy in Egypt and it is currently executing the 330-kilometer electrical interconnection line between Egypt and Saudi Arabia, among other projects.
Source: Arab Finance