Egypt and France signed a cooperation agreement on Tuesday to establish a plant for the production of green hydrogen.
Under the agreement, the two countries will develop, finance, construct, and operate a comprehensive facility near Ras Shokair on the western shore of the Gulf of Suez in eastern Egypt for the production of green hydrogen and its derivatives, including green ammonia, the Egyptian Trade Ministry said in a statement.
It was signed between the Red Sea Ports Authority and the New and Renewable Energy Authority in partnership with the Green Fuel Alliance, which consists of the French company EDF Renewables and the Egyptian-Emirati company Zero Waste.
The three phases of the project will cost 7 billion euros ($7.68 billions) with a total production of 1 million tons annually.
The cooperation agreement was inked on the sidelines of French President Emmanuel Macron’s visit to Egypt.
Macron arrived in Cairo on Sunday for a three-day visit for talks with Egyptian officials on bilateral ties and regional developments. His trip began with a tour of the Grand Egyptian Museum in western Cairo and a walk through its historic streets, especially the Khan el-Khalili bazaar.