Eni to work with Egypt on hydrogen production

RIYADH: Egypt has signed an initial agreement with Italy's oil and gas company Eni, to cooperate on 'green' and 'blue' hydrogen production in Egypt.
The partnership aims to assess the technical and commercial feasibility of targeted green and blue hydrogen production projects in the country, Asharq Business reported, citing a filing.
While the existing market for hydrogen is tiny today, it could be worth as much as $700 billion annually by 2050, according to BloombergNEF. It comes as a number of countries across the Middle East, including Saudi Arabia, invest in new hydrogen projects.
Eni will work with Egypt on how to generate electricity from renewable energy sources while at the same time storing carbon dioxide in aging natural gas fields.
The study also includes identifying the potential local market for hydrogen as well as possible export opportunities.
Abu Dhabi National Energy Co. (TAQA) and Abu Dhabi Ports this week also signed an initial agreement to build a green hydrogen-to-ammonia project powered by a 2 GW solar array.
The companies plan to build the facility in Khalifa Industrial Zone Abu Dhabi, WAM reported.