Posted on 09 Dec 2022
British energy major bp said Thursday it will study the construction of a large-scale green hydrogen export hub in Egypt, alongside country’s state-owned companies, Kallanish reports.
The multi-phased development, whose potential capacity hasn’t been unveiled, would be developed in partnership with 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). The parties signed a MOU to enable bp to carry out several technical and commercial feasibility studies.
The company says it will target “best-in-class resources” on high potential locations across Egypt.
“Transitioning into a low carbon energy system is no longer an option but a necessity, as reaffirmed by the whole world during COP27. We are proud of this MOU with bp, demonstrating our role as a catalyst for that transition,” comments TSFE’s ceo Ayman Soliman.
The energy major, which has invested over $35 billion in oil and gas assets in nearly 60 years of operation in the country, says hydrogen is one of its five energy transition growth engines.
“Expanding the remit of our business in Egypt is testament to bp’s long-term commitment to Egypt. This MOU builds upon Egypt’s endeavours to be a regional energy hub and we are glad to be able to be a strategic partner to support the country’s green energy transition plans,” adds Nader Zaki, bp’s regional president MENA.
bp is currently studying green and blue developments in the UK, the Netherlands, Germany, Spain, the Middle East, US and Australia.
Egyptian Prime Minister Mostafa Madbouly has signed seven MOUs on the start of studies on green hydrogen projects. (See related story)
Source:Kallanish
