Fortescue Future Industries (FFI) has signed a Memorandum of Understanding (MoU) to conduct studies to develop green hydrogen production in the Arab Republic of Egypt.
The MoU signed between FFI, New and Renewable Energy Authority (NREA), The General Authority for Suez Canal Economic Zone (SCZONE), Egyptian Electricity Transmission Company (EETC) and The Sovereign Fund of Egypt for Investment and Development (TSFE) demonstrates the parties’ commitment to becoming leaders in renewable energy production and to take steps towards the production of green hydrogen in Egypt.
Ayman Soliman, the Sovereign Fund of Egypt Chief Executive Officer, said, “Our green hydrogen portfolio is expanding, enabling us to deliver on our goal and promise of producing green energy flagship projects. Through our green energy projects, we are able to capitalize on Egypt’s renewable energy resources and transform Egypt into a regional green energy hub, setting an example at COP27, which will be hosted by Egypt in November 2022.”
FFI’s Julie Shuttleworth said, “Egypt has the potential to become a global powerhouse in the green energy value chain. Egypt’s excellent hydropower, wind and solar resources can generate the renewable energy required to produce large-scale green electricity, green hydrogen and green ammonia both for export and to decarbonise Egyptian industry.”
Moataz Kandil, FFI President Middle East North Africa, said, “This MoU is a significant step towards lowering emissions and progressing green energy projects in the region.”