Arab Finance: Egypt has signed a framework agreement with Saudi ACWA Power to implement a green hydrogen project in the Suez Canal Economic Zone (SCZONE), as per a statement.

The agreement was signed between ACWA Power, as the project’s developer, The Sovereign Fund of Egypt (TSFE), the General Authority for Suez Canal Economic Zone, the Egyptian Electricity Transmission (EETC), and the New and Renewable Energy Authority (NREA).

Under the agreement, the production capacity of the project’s first phase is set to reach up to 600,000 tons of green ammonia a year, with total investments exceeding $4 billion.

However, the agreement intends to develop the project’s second phase later on with a production capacity of 2 million tons annually.

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