Egypt inks $4 bln deal with Indian Ocior Energy for green hydrogen projects

Ahram Online , Wednesday 9 Aug 2023

The Egyptian government has signed a preliminary agreement with the Indian renewable energy company Ocior to invest $4 billion in green hydrogen projects in the Suez Canal Economic Zone (SCZone).

A model of a green hydrogen plant. File photo
A model of a green hydrogen plant. File photo


Final contracts are expected to be signed within months, Yahya El-Wathiq Billah, head of the Commercial Representation Authority at Egypt's Ministry of Trade and Industry, told Asharq Business.

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.

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