Alfanar Construction, Saudi Arabia announced in a statement that it has signed an MoU with the General Authority of the Suez Canal Economic Zone (SCZONE), The Sovereign Fund of Egypt, Egyptian Electricity Transmission Company (EETC), and New and Renewable Energy Authority NREA-eg, to jointly develop a Green Hydrogen facility in Sokhna, Egypt.

The estimated $4 Billion project will be powered by renewable energy sources and will have an annual production capacity of 100,000 tons of green hydrogen and 500,000 tons of green ammonia.

The signing ceremony was held in New Alamein City in the presence of His Excellency Mostafa Madbouly, Prime Minister of Egypt, Mohamed Shaker, Minister of Electricity and Renewable Energy, Hala H. Elsaid, Minister of Planning & Economic Development along with Saudi officials, Faisal A. Alyemni, Deputy Minister of Investment, and Mazeed ben Mohammed Al-Hoishan, the Saudi Consul to Egypt.

Green ammonia produced in this facility can be easily transported to different parts of the world and will be instrumental in decarbonizing our world for a sustainable future, statement mentioned.