The British multinational corporation bp signed a memorandum of understanding (MoU) with the Egyptian government on Thursday to investigate the establishment of a new green hydrogen production facility in the country.
Under the MoU, bp will carry out several studies to evaluate the technical and commercial feasibility of developing a multi-phase, large-scale green hydrogen (gH2) export hub in Egypt.
The MoU was signed by bp, Egypt's New and Renewable Energy Authority (NREA), the Egyptian Electricity Transmission Company (EETC), the General Authority for the Suez Canal Economic Zone (SCZONE) and the Sovereign Fund of Egypt for Investment and Development (TSFE).
The company said the feasibility study will involve a search for high-potential locations across Egypt, targeting best-in-class resources to produce green hydrogen, which uses electrolysis of water and is powered by renewable energy.
Hydrogen is one of bp's five energy transition growth engines, and the company is working on growing its portfolio for the development of green and blue hydrogen projects in advantaged markets worldwide, including potential developments in the UK, US, the Netherlands, Germany, Spain, the Middle East and Australia.
By Gulsen Cagatay
Anadolu Agency
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