Sisi, Norwegian giant Scatec review progress on $6 bln green hydrogen projects in Egypt – EQ Mag
President Abdel-Fattah El-Sisi reviewed on Monday with the CEO of Norwegian Scatec Terje Pilksog progress on underway green hydrogen projects and plans to implement major investments in wind power and green methanol production.
During the meeting, El-Sisi reviewed with Pilksog Scatec’s project to produce green hydrogen in Ain Sokhna and two green ammonia production projects in the Suez Canal Economic Zone and Damietta.
The investments in these two projects will be $6 billion and $870 million, respectively.
Moreover, the meeting discussed a new $5.6 billion wind power project – with a capacity of 5 GW – that will be carried out in several stages over the coming years, said the presidency.
Scatec is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy emerging markets.
The president and Pilksog also discussed plans to implement new green methanol production project in Damietta.
On Saturday, Egypt and Scatec officials signed an agreement to establish the country’s first green methanol production project in Damietta Port with investments worth about $450 million.
Furthermore, El-Sisi and Pilksog also discussed progress on the construction of the electricity linkage project between Egypt and Europe.
Pilskog stressed to El-Sisi his company’s commitment to expand its investments in Egypt in the years to come.
He applauded Egypt’s outstanding development of its infrastructure in various sectors and creation of a positive and smooth investment climate in Egypt.
For his part, El-Sisi said cooperation with Scatec comes as part of the country’s encouraging foreign investments in the country and increase its export capacities, El-Sisi stressed.
The meeting between the Egyptian president and Scatec officials was attended by Prime Minister Mostafa Madbouly, Minister of Electricity and Renewable Sources Mohamed Shaker and Norwegian ambassador to Cairo Hilde Klemetsdal.
Egypt has signed several MoUs with international corporations for investments in green hydrogen as part of the country’s ambitious plan to become a regional, green energy hub and reduce carbon emmisions.
Source: ahram
