REM: UAE's Masdar and Egypt’s Hassan Allam Utilities to develop green hydrogen production plants in Suez Canal
United Arab Emirates’ (UAE) Masdar and Egypt’s Hassan Allam Utilities, the investment and development arm of Hassan Allam Holding Group, have signed a memorandum of understanding (MoU) with Egyptian state-backed organisations to co-operate on the development of green hydrogen production plants in the Suez Canal Economic Zone and on the Mediterranean coast.
The groping is backed by leading UAE state-owned energy and investment companies, namely, Abu Dhabi National Energy, Mubadala Investment and Abu Dhabi National Oil Co. (ADNOC), who have joined forces under the Masdar brand to form a joint venture with Hassan Allam Utilities to produce in the first phase of the project 100,000 tonnes of e-methanol annually for bunkering in the Suez Canal by 2026. The electrolyser facilities in the Suez Canal Economic Zone and on the Mediterranean could be extended to up to 4 GW by 2030 to produce 2.3mn tonnes of green ammonia for export as well as supply green hydrogen for local industries.
The project serves Egypt’s strategic goal of turning its Suez Canal Economic Zone into a major hub for emerging green fuel technologies.