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Egypt will sign final agreements worth $16 billion of investments with two Indian companies ACME Group and Ocior to develop green hydrogen projects, Egyptian Commercial Service chairman Yehia Al-Wathiq Bellah said on Thursday.
In late August, Egypt signed a memorandum of understanding (MoU) with ACME to build a green hydrogen industrial complex in Ain El-Sokhna over 4.5 million square metres to produce 2.2 million tons of green hydrogen annually.
ACME’s project is worth $12 billion of investments.
Earlier in August, Ocior Energy announced plans to invest up to $4 billion into green hydrogen production in Suez Canal Economic Zone (SCZone).
