Four European companies have signed agreements with the Sovereign Fund of Egypt (TSFE) for green ammonia projects in Egypt that require a combined investment of $33 billion. The deals were signed during the EU-Egypt Investment Conference in Cairo at the end of June.
Egypt detailed that an $11 billion investment is associated with a green ammonia project at the East Port Said port, while $14 billion will be invested by BP, Masdar, Hassan Allam Utilitie, and Infinity Power as part of a green ammonia project in Sokhna. The Sokhna Port will host the two other green ammonia projects from Ocior Energy worth $4.25 billion and Taqa Arabia and Voltalia SA worth $3.46 billion.
TSFE is a private investment fund for investment in Egypt’s state-owned assets. The agreements are part of a plan to boost Egypt’s economy, which has been impacted negatively by geopolitical events in Gaza and the Sudan region.