The Egyptian Government signed a memorandum of understanding with Saudi Finnar,To establish a project for the production of green hydrogen and green ammonia worth $3.5 billion, in the Egyptian region of Ain Sokhna.
The project aims to produce 500 thousand tons of green ammonia used in agricultural fertilizer, as well as 100 thousand tons of green hydrogen per year.
The project came within 7 memorandums of understanding signed last week between Egypt and global companies specializing in the production of renewable and new energy , To implement projects to establish industrial complexes for the production of green hydrogen in the industrial zone of Ain Sokhna, with an expected investment of more than $30 billion.
The signing of memorandums of understanding will be followed by the companies finalizing feasibility studies of projects to be completed, and hence the parties agreeing on the terms to be agreed upon, in preparation for the final signing during the Cop27 Climate Change Summit.
