FOR IMMEDIATE RELEASE
Major Sovereigns and Corporates Launch Joint Green-Hydrogen Export Initiative
$20 billion corridor to connect Oman, Egypt and India with Rotterdam; first shipments targeted for 2029
Cairo, 19 November 2025
The Sovereign Fund of Egypt, Oman Investment Authority, India’s National Investment and Infrastructure Fund and a corporate consortium including BP, Shell, ACWA Power and SK Ecoplant today signed binding agreements to develop a 3-gigawatt, cross-border green-hydrogen export network that will link the Middle East and South Asia with European markets.
The initiative—formally titled the “Green Hydrogen Export Corridor” (GHEC)—will leverage 50,000 km² of government-allocated land in Oman, Egypt’s Suez Canal Economic Zone and India’s Kakinada industrial cluster to produce 1 million tonnes of green ammonia annually by 2030, enough to displace 1.8 % of Europe’s current grey-ammonia imports and cut 9 million tonnes of CO₂ each year.
“The world does not need another press release—it needs molecules,” said Ayman Soliman, CEO of the Sovereign Fund of Egypt.
“By combining sovereign balance sheets with Fortune-500 execution capability, we can deliver bankable offtake contracts at €2.8 per kg-delivered Rotterdam, 30 % below today’s spot price.”
According to the International Energy Agency, global hydrogen demand reached 97 million tonnes in 2024, yet less than 1 % was produced with renewable power. The GHEC partners aim to raise that share to 5 % by 2032, capturing an addressable market the Hydrogen Council values at US $640 billion by 2050.
Project finance will be arranged through a blended-finance vehicle that mixes concessional funding from the European Investment Bank, export-credit agency cover from Korea Eximbank and equity from the three sovereign funds. The structure, advised by HSBC and Clifford Chance, keeps the weighted-average cost of capital at 4.2 %—a record low for green-hydrogen projects outside China.
Construction is slated to begin in Q-3 2026 after financial close in June. Germany’s Federal Ministry for Economic Cooperation has already committed €250 million in grants for port upgrades in Egypt and Oman, while the Port of Rotterdam will expand its 200,000 m³ ammonia import terminal to 550,000 m³ to receive the first cargoes.
“This is the moment when the energy-transition hype curve meets the cash-flow curve,” said Boudewijn Siemons, CEO of the Port of Rotterdam Authority.
“With 13 % of Europe’s energy demand passing through our harbour, we are hard-wiring green molecules into the continent’s import DNA.”
The consortium has pre-sold 60 % of phase-one output through 15-year take-or-pay contracts with German chemical giant BASF, Norwegian fertilizer group Yara and Dutch airline KLM for sustainable-aviation-fuel feedstock. The remaining volumes will be offered through quarterly auctions on the European Energy Exchange, starting Q-1 2027.
Beyond export revenue, the partners project 18,000 construction jobs and 3,500 permanent positions across the three host countries. Local-content rules—set at 35 % for Egypt, 30 % for Oman and 25 % for India—will channel fabrication of electrolysers, wind towers and ammonia storage tanks to regional suppliers, supporting a combined US $2.4 billion domestic manufacturing opportunity.
Environmental-impact assessments completed last month show the facilities will consume 7.5 TWh of renewable electricity per year, sourced from 2.2 GW of new solar and 0.8 GW of onshore wind already permitted by national regulators. Water demand of 18 million m³ annually will be met through reverse-osmosis desalination plants powered by surplus renewable generation, ensuring zero freshwater stress on local communities.
The GHEC is structured as a special-purpose vehicle domiciled in Luxembourg, with shareholding proportional to capital contributions: 30 % sovereign funds, 45 % corporate developers, 15 % infrastructure funds and 10 % held by development-finance institutions. An independent technical auditor—Germanischer Lloyd—will certify every tonne of hydrogen against the EU’s delegated acts for renewable fuels of non-biological origin.
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