08 November, 2022
Egypt Green, which is owned, built, and operated by Fertiglobe (ADX: FERTIGLB, the strategic partnership between OCI N.V. (Euronext: OCI) and ADNOC), Scatec ASA (OSE: SCATC), Orascom Construction (NASDAQ Dubai: OC: EGX: ORAS) and The Sovereign Fund of Egypt, marks an important milestone in the development of a green hydrogen ecosystem in Egypt and the broader African region.
The launch of the hydrogen facility comes as world leaders gather for the United Nations COP 27 Climate Change Conference in Sharm El Sheikh, Egypt, where they seek to accelerate global climate action through emissions reduction. Unless we make sharp reductions in greenhouse gas emissions in the coming decades, global warming will exceed the Paris agreement’s goal of limiting temperature rise to 1.5 degrees Celsius.
In order to secure affordable, accessible and sustainable energy security for future generations an accelerated shift to renewable energy and lower carbon intensity fuels is required. Green hydrogen, which is produced from water using renewable energy sources, has the potential to play a significant role in decarbonizing hard to abate sectors, such as heavy industries and global shipping.
Ain Sokhna has a strategic position close to the Suez Canal Economic Zone with the possibility of using renewable electricity to develop an industrial hub near global shipping lanes.
Fertiglobe has a strong global network through its shareholders OCI N.V. and ADNOC and is an early mover in hydrogen and low carbon ammonia. The hydrogen tie-ins for up to 100 MW of electrolysis have already been installed at Fertiglobe’s two existing ammonia plants in Ain Sokhna.
The project is being built by Orascom Construction using Egyptian engineers and state of the art technology.
Please view the attachment for the full press release.