(MENAFN) Egypt's Time has entered into a collaborative agreement aimed at producing green hydrogen, its derivatives, and green ammonia near Ras Shukheir, in conjunction with the Red Sea Ports Authority, the New and Renewable Energy Authority, and a partnership between French company EDF Renewable and the Egyptian-Emirati entity Zero Waste. The initiative underscores Egypt's commitment to advancing its renewable energy sector and positioning itself as a key player in global energy markets.

Kamel Al-Wazir, Egyptian Minister of Transport, emphasized that the agreement aligns with presidential directives to foster the localization of green hydrogen technologies and green ammonia production. This initiative seeks to create a conducive investment environment while solidifying Egypt's role as both a regional and global hub for sustainable energy and eco-friendly fuels. Speaking at the Egyptian-European Investment Conference, Al-Wazir highlighted the anticipated positive impacts of the project on Egypt's sustainable development goals, emphasizing the importance of attracting major international corporations to undertake similar ventures.

The project is expected to significantly boost Egypt's economy by advancing the localization and development of green hydrogen technologies and green ammonia production within the country. Notably, the agreement aims to facilitate the gradual supply of green fuel to vessels transiting the Suez Canal, a critical global shipping route. This strategic move underscores Egypt's proactive approach to leveraging renewable energy resources and supporting environmental sustainability while enhancing its strategic position in the global energy landscape. 

MENAFN30062024000045015682ID1108389862