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Egypt poised for $3bn green hydrogen facility

Egypt hydrogen Reuters/Aly Songol
Revenues from the sale of stake in state assets have reached $5.6 billion so far, said Prime Minister Mostafa Madbouly

Belgium-based Deme Group will invest $3 billion to build a green hydrogen facility in Gargoub port in the western region of Egypt.

Significant progress has been made toward the final agreement and starting project implementation in coordination with the transport ministry, Daily News Egypt reported, citing Luc Vandenbulcke, CEO of Deme Group.

The project will be implemented in three phases, with an initial investment of $3 billion. The production will be allocated for export to the European market.

Egyptian prime minister Mostafa Madbouly confirmed that a draft law on incentives for green hydrogen projects and its derivatives has been referred to the parliament and is expected to be issued this year.

“We have doubled the incentives provided and allocated to green hydrogen, including a draft law on incentives for green hydrogen projects and its derivatives, which has been referred to Parliament and is expected to be issued this year,” he added.

Deme Group is actively in discussion with the transport ministry for developing the river transport system in Egypt. Furthermore, collaborative efforts with the Suez Canal Authority are in progress for the Bardawil Lake development project, aimed at increasing fish production in the northern Sinai region. 

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