- ENI has partnered with Egypt to develop green energy.
- Egypt plans to invest $4bn in green energy over the next 3 years.
Oil giant ENI has signed an agreement with Egyptian Electricity Holding Company (EEHC) and Egyptian Natural Gas Holding Company (Egas) to produce green hydrogen in the country. Under the agreement, all organisations will study joint projects to produce green hydrogen and blue hydrogen. Egypt is one of the largest clean energy producers on the continent, with about 11 per cent (6GW) of its energy needs being met by clean energy sources.
Egypt has also set a target of reaching 20 per cent clean energy contribution to the electricity mix by 2022. Green Hydrogen presents an opportunity for Egypt to store its renewable energy and export surplus production to international markets. For ENI, the partnership presents an opportunity to reduce its carbon footprint.
Egypt has previously signed partnership agreements for green hydrogen production with several companies, including German energy giant Siemens and the Belgian Dredging, Environmental and Marine Engineering NV (Deme Group). Egypt plans on investing $4 billion in green hydrogen over the next three years.