Energy giant bp will collaborate with the Government of Egypt to explore the potential for developing a multi-phase, large scale green hydrogen export hub in Egypt.
Under a Memorandum of Understanding (MOU), bp will undertake a series of studies that will consider a range of technical and commercial concerns, in addition to assessing the best possible location for a hub.
The agreement was signed by bp, Egypt’s New and Renewable Energy Authority (NREA), the Egyptian Electricity Transmission Company (EETC), the General Authority for Suez Canal Economic Zone (SCZONE) and the Sovereign Fund of Egypt for Investment and Development (TSFE).
Commenting on the deal, Ayman Soliman, CEO of TSFE, said that transitioning into a low carbon energy system is ‘no longer an option but a necessity’ as reaffirmed during COP27.
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