$8 billion.. Chinese investment in Egypt to produce green hydrogen

The Chairman of the Board of Directors of the "China International Energy" Group, Liu Zhixiang, announced the company's intention to pump investments ranging from 5 to 8 billion dollars to establish a huge green hydrogen production project in Egypt.

Zisiang added, during a meeting attended with the Egyptian President Abdel Fattah El-Sisi, on Saturday, the expansion in Egypt during the next stage comes due to what the company has closely monitored in terms of the qualitative development in the size and quality of the infrastructure and industrial that have been built and modernized in the country during the past few years.

Investment opportunities

The Chairman of the Board of Directors of the "China International Energy" Group stated that the development witnessed by Egypt in the recent period provided new investment opportunities that were not available before.

Referring to the tangible improvement in the road network, transportation and communications, new cities, seaports, desalination and water treatment plants, electricity and new and renewable energy.

In November, the Egyptian Cabinet announced its aim to increase the gross domestic product by between ten billion and $18 billion by 2025, within the framework of the national strategy for green hydrogen.

The government said in a statement that the strategy aims to acquire 8% of the global hydrogen market, adding that "Egypt has the ability to produce green hydrogen at the lowest cost in the world."

The cost of producing green hydrogen is set to drop to $1.7 per kg in 2050 compared to $2.7 per kg in 2025.