Egypt’s El Khatib discusses clean energy investments with OCIOR Energy

Egypt’s Minister of Investment and Foreign Trade Hassan El Khatib met with OCIOR Energy’s founder and CEO, Ranjit Gupta, during his visit to India to discuss strengthening cooperation in clean energy and sustainable investments, as per a Cabinet statement.

El Khatib highlighted Egypt’s commitment to attracting investment in renewable energy and green hydrogen, leveraging its strategic location, advanced infrastructure, and ongoing economic reforms.

He reaffirmed the government’s support for foreign direct investment, particularly in green hydrogen, as part of its strategy to position Egypt as a regional hub for clean energy.

Gupta welcomed the collaboration with the Egyptian government, stating that OCIOR Energy sees Egypt as a strategic partner and an ideal location for its renewable energy and green hydrogen projects.

In December 2022, OCIOR Energy signed an MoU with Egypt to develop a $4.2 billion green ammonia project in the Suez Canal Economic Zone (SCZone).

Following joint efforts by the Egyptian Embassy and the trade office in India, a final framework agreement was signed on June 30, 2024 during an investment conference with the European Union.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama