Europe Today Value: BP Seeks Egypt for Possible Green Hydrogen Production Facility – 2022-12-08 16:10

(AOF) – BP gained 1.69% to 471 pence on the London Stock Exchange amid rising oil prices. The British company has signed a memorandum of understanding with the Egyptian government under which it will study the potential to establish a new green hydrogen production facility in the country. It was signed by BP, the Egyptian New and Renewable Energy Authority, the Egyptian Electricity Transmission Company, the Suez Canal Economic Zone General Authority and the Egyptian Sovereign Investment and Development Fund.

As part of the MoU, BP will carry out several studies to assess the technical and commercial feasibility of developing a large-scale multi-phase green hydrogen (gH2) export center in Egypt.

High potential locations in Egypt are expected to be considered as part of the feasibility study, targeting best-in-class resources. Green hydrogen is produced by electrolysis of water, powered by renewable energy.

Anja-Isabel Dotzenrath, BP’s executive vice president of gas and low-carbon energy, said: “Egypt has world-class renewable energy resources, and we look forward to working with the government to explore how we can support its ambitious low-carbon strategy.” .

Nader Zaki, BP’s regional president for the Middle East and North Africa, said: “This MoU builds on Egypt’s efforts to be a regional energy hub and we are pleased to be a strategic partner in supporting Egypt’s transition plans. green energy of the country”. .

Hydrogen is one of the five growth drivers of BP’s energy transition. Globally, BP is working on a broad and growing portfolio of options for the development of green and blue hydrogen projects in prime markets around the world, including potential developments in the UK, the Netherlands, Germany, Spain, the Middle Medium, the United States. United States and Australia.

In addition, BP formalized the signing of an exclusive agreement with Marks & Spencer (M&S) to provide the network of M&S stores in the United Kingdom with fast charging stations for electric vehicles.

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Biogas for green activities

Obtained through the decomposition of waste, it falls into the category of green energy. It is part of the strategy of many countries, particularly in Europe, to reduce their dependence on hydrocarbon imports. Oil groups have strong ambitions in the field, as two recent operations reveal. The British BP acquired the American Archaea Energy for 4,100 million dollars. Then the Anglo-Dutch Shell announced the acquisition of the Danish Nature Energy for 2 billion dollars. These transactions show high valuation levels, underlining the strong potential of the sector. TotalEnergies had already acquired a stake in American Clean Energy Fuels Corp in 2018, of which it now owns 19%. It recently joined forces with Veolia to recover biomethane from waste treatment facilities.

Vince Fernandez

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