Saudi Arabia-based Alfanar has signed a memorandum of understanding (MoU) to build a $3.5bn green ammonia facility in Sokhna in Egypt, reported TradeArabia.
The plant is expected to produce 500,000t of green ammonia from 100,000t of green hydrogen annually using renewable energy.
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The company signed the MoU with the General Authority of the Suez Canal Economic Zone (SCZone), the Sovereign Fund of Egypt (TSFE), the Egyptian Electricity Transmission Company (EETC) and the New and Renewable Energy Authority (NREA).
This move is in line with the Middle East Green Initiative launched by Saudi Arabia Crown Prince Mohammed bin Salman.
The MoU was signed in the presence of Prime Minister of Egypt Mostafa Madbouly Mohamed Shaker, Minister of Electricity and Renewable Energy Hala Elsaid, Minister of Planning & Economic Development along with Saudi officials including Deputy Minister of Investment Faisal A. Al-Yemni and Saudi Consul to Egypt Mazeed Al-Hoishan.
Alfanar Global Development chairman of board of directors Sabah Al-Mutlaq said: “We have enjoyed a long-standing relationship with Egypt and are thrilled to partner with such esteemed organisations of national importance on this programme. Through this agreement, we will be developing a project to produce green hydrogen and green ammonia.”
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By GlobalDataAlfanar has been having presence in Egypt for several years via its design and energy segment as well as renewable energy development projects.
The company operates a 50MW solar project in the Benban Solar Park in the Aswan area of Egypt.
The power produced from this solar plant now offsets around 57,000t of carbon dioxide emissions annually.
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Image: The plant is expected to produce 500,000t of green ammonia from 100,000t of green hydrogen annually. Credit:Hands off my tags! Michael Gaida from Pixabay .
