bp PLC signed a memorandum of understanding (MoU) with the Government of Egypt under which it will explore the potential for establishing a multiphase, large-scale green hydrogen export hub in the country.
Green hydrogen is produced by the electrolysis of water, powered by renewable energy. Under the MoU, bp will carry out several studies to evaluate the technical and commercial feasibility of developing the hub.
The MoU was signed by bp, Egypt’s New and Renewable Energy Authority (NREA), the Egyptian Electricity Transmission Company (EETC), the General Authority for Suez Canal Economic Zone (SCZONE) and the Sovereign Fund of Egypt for Investment and Development (TSFE).
Hydrogen is described by bp as one of its energy-transition growth engines. bp is working on a growing portfolio of options for development of green and blue hydrogen projects worldwide, including potential developments in the UK, the Netherlands, Germany, Spain, the Middle East, US, and Australia.
