Egypt's sovereign fund inks green hydrogen deal with Scatec, Fertiglobe

The facility, which will be built near EBIC in Ain Sokhna

  
Image used for illustrative purpose.

Image used for illustrative purpose.

Getty Images

Cairo – Mubasher: The Sovereign Fund of Egypt (TSFE) signed an agreement with Norway's Scatec and Fertiglobe plc, an ammonia producer jointly owned by the Netherlands-based OCI and Abu Dhabi National Oil Company (ADNOC), to develop a 50-100 megawatt (MW) green hydrogen facility as feedstock for green ammonia production.

Scatec will build and operate the facility and a long-term off-take agreement will be signed with Fertiglobe’s subsidiary Egyptian Basic Industries Company (EBIC), according to a statement on Thursday.

The facility, which will be built near EBIC in Ain Sokhna, will be majority-owned by Scatec, while the remaining interest will be distributed between TSFE and Fertiglobe.

“We are proud to establish a strong partnership with Fertiglobe and the Sovereign Fund of Egypt to move the green agenda forward in Egypt,“ said CEO of Scatec, Raymond Carlsen.

For his part, Ahmed El-Hoshy, CEO of OCI N.V., commented: “Together we will deploy world-leading technology to ramp up our green ammonia production profile and further expand our low-carbon portfolio."

Ayman Soliman, CEO of TSFE, said: “The Sovereign Fund of Egypt is a manifestation of Egypt’s 2030 Vision with the principles of sustainable development and impact investment instilled in its mandate, and this project is a cornerstone investment in our green sustainable portfolio build-up with many more to come.

Source: Mubasher

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