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Egypt signs an investment agreement in green hydrogen worth $16 billion with Indian companies
15/09/2023
Egypt is on the verge of securing a game-changing $16 billion investment deal with two prominent Indian companies, ACME Group and Ocior Energy.
This announcement was made by Yahya Al-Wathiq Billah, Chairman of the Egyptian Trade Authority, indicating Egypt’s strong commitment to producing green hydrogen.
The agreement with ACME Group, which was established in late August through a memorandum of understanding, outlines plans to build a massive green hydrogen industrial complex in Ain Sokhna. This complex will extend over an area of 4.5 million square meters of land, and is scheduled to become a major center for green hydrogen production. Once operational, it is expected to generate 2.2 million tons of green hydrogen annually. ACME Group's ambitious project carries an investment of $12 billion, underscoring the significant financial commitment involved in Egypt's green hydrogen endeavors.
Also noteworthy is Ocior Energy's plan, unveiled in August, to direct investments of up to $4 billion into green hydrogen production. This initiative will be located within the Suez Canal Economic Zone (SCZone), a strategically located area that has tremendous potential to expand green hydrogen capacity in Egypt.
https://www.elwatannews.com/news/details/6803473
15/09/2023
Egypt is on the verge of securing a game-changing $16 billion investment deal with two prominent Indian companies, ACME Group and Ocior Energy.
This announcement was made by Yahya Al-Wathiq Billah, Chairman of the Egyptian Trade Authority, indicating Egypt’s strong commitment to producing green hydrogen.
The agreement with ACME Group, which was established in late August through a memorandum of understanding, outlines plans to build a massive green hydrogen industrial complex in Ain Sokhna. This complex will extend over an area of 4.5 million square meters of land, and is scheduled to become a major center for green hydrogen production. Once operational, it is expected to generate 2.2 million tons of green hydrogen annually. ACME Group's ambitious project carries an investment of $12 billion, underscoring the significant financial commitment involved in Egypt's green hydrogen endeavors.
Also noteworthy is Ocior Energy's plan, unveiled in August, to direct investments of up to $4 billion into green hydrogen production. This initiative will be located within the Suez Canal Economic Zone (SCZone), a strategically located area that has tremendous potential to expand green hydrogen capacity in Egypt.
https://www.elwatannews.com/news/details/6803473