PM Witnesses the Signing of 4 Green Ammonia Deals worth $33b

The Sovereign Fund of Egypt (TSFE) and Suez Canal Economic Zone (SCZone) have on Sunday 30 June, 2024, signed four agreements worth $33 billion in the field of green ammonia with European developers.

German company DAI Infrastruktur GmbH (DAI) signed the first agreement worth $11 billion to develop a green ammonia project in East Port Said. The estimated cost of electricity required to run the factory is projected to be between $4 billion and $5 billion. The project aims to export roughly two million tons of green ammonia annually.

The second agreement worth $4.25 billion was signed with India’s OCIOR Energy. The deal involves building a green ammonia project at Sokhna Port, targeting the European market.

The third agreement worth $3.46 billion was signed with TAQA Arabia and French company Voltalia. This alliance will develop a green ammonia project at Sokhna Port.

As for the fourth agreement, it is worth $14 billion. Signed with BP, MASDAR, Hassan Allam Utilities, and Infinity Power Holding, the agreement aims to construct a green ammonia project at Sokhna Port.

Egyptian Prime Minister Moustafa Madbouly presided the signing of the four agreements, which took place on the second day of the Egypt-EU Investment Conference in Cairo.