Oil & Gas

A Belgian company plans to invest over $26 billion in developing a green hydrogen project in Egypt, reinforcing Cairo's ambition to become a major export hub for green fuels. During a recent visit to Belgium, Egyptian Minister of Investment and Foreign Trade, Eng. Hassan El-Khatib, met with Giuseppe Stefani, General Manager of Demi Highport Energy, to discuss the company's progress in producing green hydrogen and green ammonia in the country.

The discussions highlighted the investment opportunities within the Egyptian market and the current status of the green hydrogen project, which is slated to be executed in three phases. Minister El-Khatib expressed the Egyptian government’s commitment to providing comprehensive support for this initiative, particularly in the Jarjoub area, which is crucial for the expansion of green energy projects in Egypt.

The project’s first phase is estimated to cost around 3 billion euros ($3.26 billion), with total investments for all three phases reaching 24 billion euros ($26.05 billion). The agreement for this project was signed last June during the Egyptian-European Joint Investment Conference, showcasing the strong collaboration between Egypt and Europe in the energy sector.

The Jarboub project aims to produce approximately two million tons of green fuel annually, addressing energy needs in European Union countries and positioning Egypt as a key player in clean energy. It aligns with the country’s goal of capturing up to 8% of the global hydrogen market by 2040 and is expected to generate $18 billion in annual revenues while creating over 100,000 jobs. The establishment of the National Green Hydrogen Council and the National Green Hydrogen Strategy further underscores Egypt’s commitment to transitioning towards a green economy.