Egypt’s Prime Minister Mostafa Madbouly on Tuesday reviewed a plan for a major foreign company to establish a giant green hydrogen station in the country.
A Tuesday cabinet statement said that the meeting was held in the presence of Mohamed Shaker, minister of electricity and renewable energy, Mohamed Salah El Din, minister of state for military production, and Roberts Ludavics, CEO of the project’s implementing company.
However, the statement did not disclose the company’s name.
Cabinet spokesperson Nader Saad said the meeting discussed an offer from a major foreign company to establish a giant green hydrogen generation station through direct foreign investments.
He said the project’s capacity is expected to reach 400,000 tons annually, relying entirely on solar energy with a capacity of 15 gigawatts. The station’s production of green hydrogen will be fully exported to Europe, with an estimated value of $1bn annually. The project is also expected to create numerous job opportunities.
Saad said a feasibility study for the project will begin in the near future, and that a distinguished site has been chosen for the project.
Madbouly welcomed the project and called for the start of its feasibility studies.
In a separate development, Hydrogen Egypt’s Executive Director Khaled Nageib on Tuesday called upon Egypt and Saudi Arabia to establish the foundations of the hydrogen market in the region.
Nageib said this would help to secure a significant market share in this promising sector, given Europe’s interest in importing energy from Cairo and Asia’s reliance on Riyadh’s energy resources.
He told Asharq Al-Awsat that the integration of Egypt and Saudi Arabia in the hydrogen markets would secure approximately a third of the market share in both the European and Asian markets, amounting to an annual sum ranging from $50bn to $100bn over a period of 3 to 5 years.
Source : Daily News Egypt