The government of Egypt has entered into a preliminary accord with Indian renewable energy firm Ocior to channel $4 billion into green hydrogen initiatives within the Suez Canal Economic Zone (SCZone).
It has been reported by Asharq Business that final agreements are anticipated to be formalized within the coming months, as stated by Yahya El-Wathiq Billah, Chief of the Commercial Representation Authority at Egypt’s Ministry of Trade and Industry.
The project is planned to be completed in six years, El-Wathiq Billah added.
In December 2022, Egyptian state entities signed seven memoranda of understanding to produce green hydrogen and its derivatives with an alliance of international and local companies, including Ocior Energy.
Egypt aims in the coming years to reduce carbon emissions, promote the use of renewable energy sources, and use alternative energy, including green hydrogen, as part of its National Climate Strategy 2050.
Total investments in Egypt’s hydrogen infrastructure are expected to reach $500 billion by 2030, according to Minister of Planning and Economic Development Hala El-Said.
Ocior Energy provides net-zero green hydrogen solutions intended to develop, build, own, and operate green hydrogen and green ammonia facilities.
The company specializes in the decarbonization of fossil fuel-dependent industries, reducing emissions from long-haul mobility, heating, power generation, and more.
