Saudi Arabia’s Alfanar announced that it has signed a memorandum of understanding (MoU) with Egypt to establish a green hydrogen project worth $3.5 billion in Ain El-Sokhna, Reuters reported.

According to the company, this project will produce 500,000 tons of green ammonia which is used in agriculture fertilizers. This agreement is one of several MoUs that were signed between Egypt and several international companies recently in order to boost hydrogen projects.

It’s worth noting that Alfanar establishes projects for generating electricity especially from renewable resources and it operates a solar project in Benban Solar Park in Aswan with capacity of 50 megawatt.