Council of Ministers – Egypt
Dr. Mustafa Madbouly, Prime Minister, held a meeting on Wednesday evening; To follow up on the executive position of the projects implemented by the “Norwegian Skatek” in Egypt.
During the meeting, Madbouly stressed that Scatec is a strategic partner for Egypt in the field of green hydrogen.
In the presence of Dr. Mohamed Shaker, Minister of Electricity and Renewable Energy, Mr. Terrier Bilskog.
CEO of the Norwegian Skatek Company, and Mr. Mohamed Amer, Regional General Manager of the company.
Madbouly added that the Egyptian state is keen to take the necessary decisions to support this vital sector, in line with the global trend to support such projects.
He also pointed out that the Cabinet’s decision regarding providing incentives for investment activities related to the green economy, among other areas.
Madbouly also explained that a new article has been added to the investment law promulgated by Law No. 72 of 2017.
This article provides for granting a group of investment projects and their expansions.
an investment incentive that does not exceed 55% of the value of the tax on the income generated.
from starting the activity in the investment project, or its expansions, as the case may be.
and the Minister of Electricity explained, during the meeting, that the state attaches great importance to the export of hydrogen. Green for a number of countries, pointing out that this market has become a highly competitive market, especially with the packages of facilities and incentives offered by governments to companies operating in this field.
For his part, Mr. Terrier Belskog, CEO of “Norwegian Skatek”, reviewed the latest developments of the company’s projects in Egypt.
It includes the green hydrogen production project with a capacity of 100 megawatts.
with the consortium consisting of the “Egypt Sovereign Fund”, “Orascom Construction” and “Vertiglobe”.
As well as the green ammonia production project with a capacity of 1 million tons / year, both in the economic zone of the Suez Canal.
as well as the wind energy project with a capacity of 5000 megawatts, which the company is developing in Egypt.
At the end of the meeting, the Prime Minister renewed the government’s commitment to support the projects.
that the Norwegian Skatek company has begun to implement in the Egyptian market, and its aspiration to expand the areas of cooperation with the company in the coming period.