Egypt signed on Thursday a five-billion-U.S. dollar memorandum of understanding (MoU) with Scatec, a Norwegian renewable energy company, to build a green ammonia project in the Suez Canal Economic Zone.
The project will be implemented in two phases, with production starting in 2025, Egypt's government spokesman Nader Saad said in a government statement.
Egypt has distinct capabilities to produce green hydrogen and green ammonia, which qualifies the North African country as a global power in these two fields, Saad added.
Egyptian Prime Minister Mostafa Madbouly said many international companies seek to implement green hydrogen projects in Egypt, which has promising opportunities with the government's endeavors to prioritize the green economy, according to the government statement.
Editor: Kelly
