Back to the complete issue
Sunday, 7 March 2021

Not green eggs and ham — green _hydrogen_

Belgium’s DEME Group will work with Egypt on exploring green hydrogen under an MoU with the oil and electricity ministries and the Egyptian navy, cabinet said in a statement on Thursday. The MoU will be followed by studies to look into producing the gas on a trial basis “as a step toward expanding in this field … [and possibly] exporting,” the statement says. The agreement came following a meeting last month between President Abdel Fattah El Sisi and three CEOs of a Belgium alliance of infrastructure players including DEME, Fluxys, and the company running the Port of Antwerp. Egypt is currently probing green hydrogen, which is produced without burning fossils, as a cleaner energy source to integrate into its energy mix by 2035. Siemens was brought on board earlier this year for a pilot project.

OTHER ENERGY NEWS- Public spending on fuel subsidies is continuing to drop, falling 45% in the first half of FY2020-2021 to EGP 8.4 bn from EGP 15.2 bn in the same period last fiscal year, Oil Minister Tarek El Molla told Reuters on Thursday. This puts the government on track to comfortably beat the EGP 28.2 bn spending target this fiscal year. Spending on fuel subsidies fell 77% in FY2019-2020, helped in no small part by the collapse in oil prices due to the pandemic.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.