The partnership between Fortescue Future Industries and Egypt’s President Abdel Fattah El-Sisi over the production of green hydrogen and green ammonia was continued.
This occurred when President Sisi met with Chairman of FFI Andrew Forrest in Egypt, according to a statement from the Presidency. Also present were Ministers of Electricity and Renewable Energy Mohamed Shaker and Minister of Petroleum and Mineral Resources Tarek El Molla.
According to the statement, a project to create 9.2 gigawatts of electrical energy from new and renewable sources is one of the collaborations between Egypt’s Minister of Electricity and Renewable Energy and FFI.
This is in addition to localizing enterprises like solar panels and wind turbines that are involved in the production of power from the sun and the wind.
During the meeting, Sisi gave the order to provide all assistance needed to hasten the development of joint green energy projects with FFI and to take advantage of the Australian company’s superior competence in this area.
According to the Presidency, “this is in light of Egypt’s goal in keeping up with the global energy trend to boost the use of renewable energy.”
The presidency continued, “This also fits within the framework of the national strategy that seeks to increase the contribution of renewable energy to the electricity energy mix, stemming from the state’s interest in leveraging Egypt’s natural wealth and diversifying the sources of electrical power production.
Forrest praised Egypt’s enormous renewable energy sector’s resources and skills, stating that they qualify the nation to become a global powerhouse for the generation of green energy.
He said that his business was committed to continuing its cooperation with Egypt in this area.
The Egyptian administration has put in place a plan to make the nation a regional hub for the export of green energy.
In the Suez Canal Economic Zone, Egypt has inked a number of agreements with multinational corporations for the production of green hydrogen, including those with India’s ReNew Power, Norway’s Scatec, Germany’s H2-Industries, and Abu Dhabi Future Energy Company (Masdar).
According to media sources, these firms committed to investing more than $40 billion in the green hydrogen sector by 2030. This move will coincide with Egypt commencing construction on its first nuclear reactor, which would have a 4,800-megawatt capacity.