A Saudi company, Alfanar has signed an agreement with a consortium of Egyptian companies to build a $3.5 billion green ammonia plant plant in Egypt.
The Egyptian side of the protocol includes the General Authority of the Suez Canal Economic Zone (SCZone), the Sovereign Fund of Egypt (TSFE), the Egyptian Electricity Transmission Company (EETC), and the New and Renewable Energy Authority (NREA).
The project is expected to produce 500,000 tons of green ammonia annually from 100,000 tons of green hydrogen through renewable energy.
“We have enjoyed a long-standing relationship with Egypt and are thrilled to partner with such esteemed organizations of national importance on this program. Through this agreement, we will be developing a project to produce green hydrogen and green ammonia,” Chairman of Alfanar Global Development Sabah Al-Mutlaq commented.
On August 25th, Egypt signed seven MoUs with seven global companies to establish industrial complexes at the industrial zone in Ain Sokhna.
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Source: Egypt today
