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Egypt Private Sector to Produce Green Hydrogen

Green hydrogen is a clean fuel that will have an advanced position in energy production in the future. (Asharq Al-Awsat)
Green hydrogen is a clean fuel that will have an advanced position in energy production in the future. (Asharq Al-Awsat)
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Egypt Private Sector to Produce Green Hydrogen

Green hydrogen is a clean fuel that will have an advanced position in energy production in the future. (Asharq Al-Awsat)
Green hydrogen is a clean fuel that will have an advanced position in energy production in the future. (Asharq Al-Awsat)

Egypt’s private sector is considering boosting green hydrogen production, the clean energy of the future, through its local production and distribution.

MAN Energy Solutions has signed a memorandum of understanding (MoU) with TAQA Power in Cairo regarding a pilot project for the local production of green hydrogen to fuel domestic tourist busses.

The MoU sets the stage for MAN Energy Solutions to provide technical information to TAQA Power on employing electrolysis for a hydrogen-plant solution, due to run until autumn 2022.

MAN Energy Solutions is headquartered in Germany and has about 14,000 employees in more than 120 locations worldwide. Its business is aligned towards a range of solutions for decarbonization.

The company intends to drive the large-scale industrialization of electrolysis, pushing green hydrogen towards the mass market.

It produces stacks and megawatt electrolyzers based on the polymer-electrolyte membrane process (PEM) to cover industry and energy-refiner hydrogen demand. Its electrolyzers already make effective sector-coupling possible today.

TAQA Power Managing Director Samy AbdelKader announced: “We are delighted to join forces with MAN Energy Solutions for such a great endeavor in alignment with the Egyptian Government’s plan aiming to generate and increase the use of green hydrogen.”

He indicated that TAQA intends to lead the private sector to achieve the sustainable development goals set by President Abdul Fattah al-Sisi for Egypt’s Vision 2030.

Head of MAN Energy Solutions’ energy business in the region, Ghassan Saab, described the MoU as an “exciting venture” with a valuable partner in a country that recognized an essential role green hydrogen will play on the path to a climate-neutral, global economy.

It is also an excellent opportunity for MAN Energy Solutions to display its expertise in all processing steps of the hydrogen economy, he added.

“We look forward to working closely with TAQA Power in finding the optimal solution that will position them strongly in what will be one of the most important markets of the future.”

TAQA Electricity manages and operates the Benban solar power plant in Aswan, one of the region’s most significant renewable energy projects. The company established the 65-megawatt plant, with a total investment of $72 million.

TAQA Arabia is a subsidiary of a Qalaa Holdings company that develops and operates energy-distribution infrastructure, including gas transmission and distribution networks, EPC works, power-generation plants, and distribution networks for the oil & gas residential, commercial, and tourism sectors in Egypt.

It also markets petroleum and lubricants and develops and operates water-treatment stations. Currently, it is focusing on significantly increasing green-hydrogen production to expand its remit within the field of clean energy.

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Business

US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.