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H²Egypt Agrees with Chinese PERIC to Assemble Electrolyzers in Cairo

Electrolyzer for green hydrogen production. (Getty Images)
Electrolyzer for green hydrogen production. (Getty Images)
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H²Egypt Agrees with Chinese PERIC to Assemble Electrolyzers in Cairo

Electrolyzer for green hydrogen production. (Getty Images)
Electrolyzer for green hydrogen production. (Getty Images)

Dalia Samir, Co-Founder and Director of Hydrogen Egypt (H²Egypt), unveiled a partnership deal with Chinese PERIC to assemble and produce parts of the electrolyzer units in Egypt during the first quarter of 2024.

Globally, PERIC is the biggest company in terms of the production of electrolyzer units to produce hydrogen.

Samir informed Asharq Al-Awsat that, in the first phase, the partnership entails technical cooperation to assemble electrolyzer units and to significantly manufacture a portion of them within Egypt.

This partnership would contribute to passing PERIC’s expertise and advanced technology to the Egyptian market.

PERIC Hydrogen Technologies Co., Ltd is a wholly-owned subsidiary of the Purification Equipment Research Institute of CSIC. It is headquartered in Handan City, Hebei Province. It is mainly engaged in the research, design, and manufacturing of hydrogen generation system, as well as the utilization and research development of hydrogen energy.

Currently, PERIC operates six commissioning and machining workshops. The annual production capacity amounts to 350 sets of alkaline-type hydrogen generators and 120 sets of PEM-type hydrogen generators.

Samir added that a high-ranking delegation from PERIC is expected to visit Cairo in September to determine the volume of the company to be established in partnership with H²Egypt and to set a specific date to start assembling and producing parts of the electrolyzer units in Egypt during the first quarter of 2024.

PERIC plans to provide training for the maintenance and operational staff, along with conducting studies aimed at obtaining a stake in the capital alongside other Egyptian shareholders.

Well-informed sources told Asharq Al-Awsat that PERIC signed deals to supply equipment to foreign firms that have previously signed hydrogen production projects with the Egyptian government in the past months.

The deals are at a value ranging between $200 and $300 million.

PERIC exported its products to over 30 countries and regions spanning Europe, North America, the Middle East, East Asia, South Asia, Southeast Asia, and Africa.

In mid-September, H²Egypt is organizing an international conference in Cairo dedicated to the hydrogen industry. The conference will see participation from both domestic and international public and private sectors.

Chinese company PERIC will be present with a high-level delegation to engage in the signing of agreements and memorandums of understanding (MoUs).

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UK Economy Shrinks in April as Middle East War Hits

People hold umbrellas in Piccadilly Circus, in London, Thursday, June 11, 2026.(AP Photo/Alberto Pezzali)
People hold umbrellas in Piccadilly Circus, in London, Thursday, June 11, 2026.(AP Photo/Alberto Pezzali)
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UK Economy Shrinks in April as Middle East War Hits

People hold umbrellas in Piccadilly Circus, in London, Thursday, June 11, 2026.(AP Photo/Alberto Pezzali)
People hold umbrellas in Piccadilly Circus, in London, Thursday, June 11, 2026.(AP Photo/Alberto Pezzali)

Britain's economy contracted in April as the Middle East war hit growth, official data showed Friday, dealing a setback to Prime Minister Keir Starmer as he grapples with a fresh political crisis.

Gross domestic product fell 0.1 percent in April following growth of 0.3 percent in March, the Office for National Statistics said in a statement.

Surging energy prices triggered by the war, which began with US-Israeli strikes on Iran on February 28, have reignited inflationary pressures and threatened to derail growth.

"Before the conflict in the Middle East, growth was higher than expected and inflation was falling," finance minister Rachel Reeves said in response to the figures.

"This is not a war we wanted or joined, but one that will have an impact at home," she said.

Britain's defense and armed forces ministers quit Thursday in a row over military spending, piling pressure on Starmer who is facing calls to step down.

Defense Secretary John Healey resigned warning that Starmer's long-awaited Defense Investment Plan (DIP) for funding over the next decade -- which the leader has yet to publish -- risked making Britain "less safe.”

In the evening Al Carns became the second senior figure in defense to quit, resigning as armed forces minister, along with Healey aide Pamela Nash.

The resignations weaken Starmer's authority at a precarious moment, a week before a by-election that could prompt a bid to replace him.

Business

Iran’s Oil Production Slumped Due to US Blockade, Closure of Hormuz

The logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)
The logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)
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Iran’s Oil Production Slumped Due to US Blockade, Closure of Hormuz

The logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)
The logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)

Iran's oil supplies have registered a sharp decline since the tightening of the US naval blockade and the near-total closure of the Strait of Hormuz, which has also paralyzed the movement of oil and slashed exports by Gulf producers, the monthly report of the Organization of the Petroleum Exporting Countries (OPEC) revealed on Thursday.

Iran’s crude oil production slumped by 19% last month, according to data from OPEC, while the US blockaded the country’s ports during their ongoing conflict.

Iran was the primary contributor to last month’s sharp decline. The cartel reported that Iranian output fell by 19%, or 546,000 barrels, to 2.33 million.

The blockade of the Strait of Hormuz has also affected collective regional figures. Crude oil production by OPEC declined by 177,000 barrels per day (bpd) in May compared with April, driven mainly by a sharp drop in Iranian output, while the group maintained expectations for stronger global oil demand growth in 2026.

Total OPEC crude production averaged 33.13 million barrels per day in May, down by 185,000 daily barrels from the previous month.

The 11-member group trimmed its forecast for global oil demand growth this year to 970,000 barrels per day, citing geopolitical conflict in the Middle East. OPEC had predicted 1.17 million barrels in the previous report.

Meanwhile, OPEC maintained an optimistic outlook for the near future, betting that post-shock energy demand will rapidly rebound.

It raised its 2027 global oil demand growth forecast to 1.73 million bpd, up from the previous projection of 1.54 million bpd.

OPEC's June 2026 monthly report described the global economy's first-half performance as resilient despite the geopolitical environment, leaving its macroeconomic growth forecasts unchanged alongside the demand revision.

Business

Oil Extends Losses as Trump Calls Off Planned Strikes on Iran

FILE PHOTO: A pump jack operates near a crude oil reserve in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo
FILE PHOTO: A pump jack operates near a crude oil reserve in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo
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Oil Extends Losses as Trump Calls Off Planned Strikes on Iran

FILE PHOTO: A pump jack operates near a crude oil reserve in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo
FILE PHOTO: A pump jack operates near a crude oil reserve in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo

Oil prices fell over $1 on Friday, extending losses from the previous session after US President Donald Trump cancelled plans to strike Iran, reducing fears of an escalation of hostilities following tit-for-tat attacks earlier in the week.

Brent futures fell $1.83 or 2% to $88.55 a barrel at 0410 GMT, while US West Texas Intermediate (WTI) crude dropped $1.60, or 1.8%, to $86.11.

Trump, who had threatened to hit Iran "very hard", called off planned strikes on Thursday, saying discussions with ‌Iran had progressed and ‌a peace deal that would reopen the Strait ‌of Hormuz ⁠to shipping could ⁠be signed as soon as this weekend. Iran's semi-official Fars news agency reported that Tehran had not approved the text of any agreement.

"While this could, of course, be yet another false dawn, the market's reaction has been both swift and decisive," said IG market analyst Tony Sycamore.

He added that even as oil prices correct downwards, "as long as the price can hold above support in the low $80s, the ⁠risks remain firmly skewed to the upside."

On Thursday, Iran announced "the ‌closure" of the Strait of Hormuz, through which ‌vessel traffic was already severely limited, saying it would fire on any ship trying ‌to pass through the waterway. The strait normally carries a fifth of global ‌oil and liquefied natural gas shipments and Tehran's months-long blockade has kept energy prices elevated.

State media reported on Friday that Iranian forces prevented a tanker from transiting the Strait of Hormuz without coordination.

The US military said on social media that commercial ships continued to transit ‌the waterway.

"We would be cautious about assuming that the extension of the ceasefire is a done deal. Even ⁠if it is, ⁠it could be fragile. And clearly, if nuclear talks do not progress, it could very easily fall apart," said ING analysts in a Friday note.

"We believe the market reaches an inflection point in late July if we do not see oil flows resuming before then. This is when inventory levels and seasonally stronger demand push prices significantly higher towards $120-130 per barrel."

The Organization of the Petroleum Exporting Countries (OPEC) on Thursday lowered its forecast for 2026 world oil demand growth to 970,000 barrels per day (bpd) from a previous 1.17 million bpd, marking its second straight downward revision.

The producer group also said consumption would rebound later, raising its demand growth forecast for 2027. It expects 2027 oil demand to rise by 1.73 million bpd, up 190,000 bpd from its previous forecast.