Swiss Firm to Allocate 1$ Bln for Green Hydrogen Production in Egypt

Hydrogen pipes in a green hydrogen facility. (Getty)
Hydrogen pipes in a green hydrogen facility. (Getty)
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Swiss Firm to Allocate 1$ Bln for Green Hydrogen Production in Egypt

Hydrogen pipes in a green hydrogen facility. (Getty)
Hydrogen pipes in a green hydrogen facility. (Getty)

Smartenergy intends to expand in Egypt by producing green hydrogen in a project of initial value worth one billion dollars, said well-informed sources.

The company is specialized in renewable energy.

Smartenergy didn’t make an official statement regarding the project, but well-informed sources told Asharq Al-Awsat that the company has reached an advanced level in the negotiations with the Egyptian government to establish a $1 billion hydrogen production factory.

Chief Financial Officer Dr. René Cotting confirmed that the signing of an agreement with the Egyptian government to produce hydrogen in Egypt is imminent.

He didn’t give further details.

The agreement was supposed to be signed a while ago, remarked the sources, but some procedures related to new lands’ licenses and the issuance dates caused delays.

Founded in 2011 and located in Switzerland, Smartenergy focuses on investments in renewable energy and related ventures. It has projects in Germany, Italy, Spain, and Portugal.

Egypt has recently signed agreements and MoUs with foreign firms to establish industrial compounds to produce green hydrogen inside the Sokhna Industrial Zone.

The government has stepped up efforts to advance the projects of green hydrogen production in Egypt, amid a global energy crisis.



Putin, Al-Sudani Discuss OPEC+ Coordination on Oil Price Stability

Russian President Vladimir Putin
Russian President Vladimir Putin
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Putin, Al-Sudani Discuss OPEC+ Coordination on Oil Price Stability

Russian President Vladimir Putin
Russian President Vladimir Putin

Russian President Vladimir Putin and Iraqi Prime Minister Mohammed Shia al-Sudani on Thursday discussed the importance of coordination between OPEC and OPEC+ members on oil price stability in a manner that guarantees fair prices for exporters and consumers.

Putin held a phone call with al-Sudani during which they discussed the OPEC+ oil agreement and the situation in the Middle East, the Kremlin said.

The telephone conversation came days prior to an OPEC+ key meeting expected early next month.

Reuters said that OPEC+ may push back output increases again when it meets on Dec. 1 due to weak global oil demand, according to three OPEC+ sources familiar with the discussions. Ministers last shelved the increase for a month when they met virtually on Nov. 3.

In a statement, the Kremlin on Thursday said Putin and Al-Sudani touched upon various aspects of coordination as part of OPEC+, a format that helps maintain stability in the global oil market, and reaffirmed the importance of continuing to coordinate steps in this format.

The Middle East issues were also mentioned in light of the unprecedented escalation of tensions in the region, it added.

The parties also agreed on further contacts at various levels, the statement said.

Later, Al-Sudani’s office said the phone call touched on energy-related matters, highlighting the importance of coordination among all concerned countries within OPEC and the OPEC+ group to stabilize oil and gas prices, ensuring fair pricing for both producers and consumers.