President of Egypt Abdel Fattah El-Sisi met with the CEO of the Norwegian Company Scatec ASA, Mr Terje Pilskog. The meeting was also attended by Prime Minister, Dr Mostafa Madbouly, and Minister of Electricity and Renewable Energy, Dr Mohamed Shaker as well as a member of the Board of Directors of the company, Mr Mikkel Tørud, General Manager of the Middle East and North Africa region of the company, Mr Mohamed Amer, and the Norwegian Ambassador in Cairo, Ms Hilde Klemetsdal.
The Spokesman for the Presidency, Counselor Ahmed Fahmy, stated that the meeting followed up on Scatec’s growing investments in new and renewable energy, hydrogen and green fuel projects in Egypt. This included the green hydrogen production project in Ain Sokhna, which had already begun production for the first phase, making Egypt the first country in Africa to produce green hydrogen. Other projects included two green ammonia co-production projects, in the Suez Canal economic zone with investments of approximately $6 billion and in Damietta with investments of about $870 million. Another project is the 5 GW wind project, with investments of $5.6 billion over several phases in the coming years, in addition to the “green methanol” joint production project in Damietta, with investments of about $450 million. The meeting also touched on the electrical interconnection project between Egypt and Europe for the export of renewable energy with a capacity of about 3 GW. A memorandum of understanding was earlier signed to begin the studies for the project.
Scatec’s CEO confirmed the Norwegian company‘s commitment to expanding its investments in Egypt in the coming years, in light of the outstanding development of Egypt’s infrastructure in various sectors. He stressed that this establishes a solid base for launching industries and investments, particularly in the areas of renewable and green energy. Mr. Pilskog also highlighted the company’s positive and fruitful experience with the investment climate in Egypt, lauding the firm political will they noted as well as the government response, at all levels, to remove any obstacles and challenges in this regard.
The Norwegian side reiterated that this huge Egyptian support to facilitate the business climate is reciprocated with their keenness to exert utmost efforts to increase investment, transfer technology and contribute to the state’s intensive efforts to place Egypt on the list of green energy producers and exporters, thus making Egypt a destination and hub for the green refuelling for global navigation lines and a regional centre for energy production and circulation.
President El-Sisi commended the ongoing cooperation with the Norwegian side in the field of renewable energy and green hydrogen projects, which is rapidly translated into projects on the ground. He added that this reflects the measures undertaken by the State to promote and develop mechanisms for the participation of the private sector and the world’s leading companies in development projects, particularly in green energy, in a manner that adds to the size and value of Egypt’s exports and enhances the overall capacity of the national economy.