Egypt signs $33 billion in green ammonia deals

Egypt

CAIRO, July 1, 2024 – Egypt has signed four green ammonia deals worth a total of USD 33 billion through its Sovereign Fund, Reuters reported on Sunday.

One agreement, valued at USD 11 billion, was made with Germany’s DAI Infrastruktur for the establishment of a green ammonia project in East Port Said, local news portal The National reported.

A second deal, for the development of a USD 14-billion plant in the port of Ain Sukhna on the Gulf of Suez, was signed with BP, the UAE’s Masdar, Masdar Infinity player Infinity Power and local infrastructure company Hassan Allam Utilities.

The reports cited a statement from the country’s Cabinet made on Sunday. The remaining two agreements were not detailed in the reports.

Green ammonia, produced using green hydrogen, is expected to see rising demand in the near future as consumers of fertilisers and chemical products aim to decarbonise their operations. It also has value as a method of storing and transporting green hydrogen, which can be recovered via a cracking method.

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