Egypt has devised an ambitious strategy to become a global green hydrogen hub through multi-billion-dollar projects and cooperation with industrial giants, the country’s Oil Ministry Undersecretary for Projects has said.

Ahmed Khalifa said Egypt has signed contracts with several foreign firms to build green hydrogen facilities to take advantage of its abundant solar and water resources.

He was quoted by Addustour and other Egyptian dailies on Sunday as saying the strategy includes incentives for investment in green hydrogen and other renewable sources in order to position Egypt as an international hub for the production, storage and distribution of green hydrogen.

“The hydrogen strategy devised by the Oil Ministry is an ambitious one but viable…,” he said.

At a green hydrogen roundtable in August, Egyptian Prime Minister Mostafa Madbouly said foreign firms are poised to pump nearly $83 billion into green hydrogen projects in Egypt, adding that Cairo has signed more than 20 memoranda of understanding with major companies for such projects.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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