Arab Finance: Egypt Green Hydrogen Project located in the Suez Canal Economic Zone (SCZONE) has secured a €397 million contract under the German-government backed H2Global Foundation’s auction to supply renewable ammonia to the European Union (EU) countries, as per a statement.

Under the contract, renewable ammonia will be produced via using green hydrogen and will be supplied from Egypt at a price of €1,000 per ton until 2033.

Egypt will potentially supply up to 19,500 tons of renewable ammonia to the EU in 2027, with the possibility of raising this amount to a total of 397,000 tons by 2033.

It is worth noting that the project is carried out by Fertiglobe, Scatec, Orascom Construction, and the Sovereign Fund of Egypt (TSFE).

The green hydrogen project was first launched in November 2022 during COP27 at an investment cost of up to $417 million.

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