{"id":79583,"date":"2023-09-18T01:00:05","date_gmt":"2023-09-18T01:00:05","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/09\/18\/today-sawiris-backed-oci-global-signs-an-offtake-agreement-with-us-green-hydrogen-developer-new-fortress-energy\/"},"modified":"2023-09-18T01:00:05","modified_gmt":"2023-09-18T01:00:05","slug":"today-sawiris-backed-oci-global-signs-an-offtake-agreement-with-us-green-hydrogen-developer-new-fortress-energy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/09\/18\/today-sawiris-backed-oci-global-signs-an-offtake-agreement-with-us-green-hydrogen-developer-new-fortress-energy\/","title":{"rendered":"TODAY: Sawiris\u2019 backed OCI Global signs an offtake agreement with US green hydrogen developer New Fortress Energy"},"content":{"rendered":"<p><strong>Good morning, wonderful people. <\/strong>We have a packed issue with updates from around the region this morning, but first\u2026<\/p>\n<p><strong>IT\u2019S TODAY- The Enterprise Finance Forum is taking place today and tomorrow<\/strong> at the St. Regis Hotel on the Nile Corniche. This flagship forum is the latest in our must-attend series of invitation-only events, where CEOs, bankers, investors, founders, and corporate leaders will meet to discuss the trends shaping the future of banking, finance, NBFIs, and fintech \u2014 and of their clients.<\/p>\n<p><strong>We\u2019re starting the event at 8:00am with a standing networking breakfast<\/strong>, with the opening panels starting at 9:00am. Panel discussions will end at 1:20pm both days.<\/p>\n<p><strong>We are very grateful for the interest we\u2019ve seen from many of you<\/strong> and are looking forward to meeting those attending.<\/p>\n<p><strong>** For those of you joining us, please remember to bring the personal QR code<\/strong> you received yesterday on both days to ensure access to the venue.<\/p>\n<p><strong>There will be plenty of parking available<\/strong> at the venue.<\/p>\n<p><strong><a href=\"https:\/\/finance.enterprise.news\/index.html#agenda\">Tap or click here to view the FULL AGENDA with SPEAKERS.<\/a><\/strong><\/p>\n<p><strong>** We are honored to count some of the region\u2019s most important financial institutions as our partners for this special event.<\/strong> The Enterprise Finance Forum could not take place without the support of our partners including Banque Misr, Al Baraka Bank, FABMISR, HSBC, Mashreq, Banque du Caire, CI Capital, Global Corp, Visa, Hassan Allam Utilities, the IFC, and Post for Investment.<\/p>\n<p class='web-image'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1719.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>OUE TOP CLIMATE STORY- <\/strong>Netherlands-based chemicals producer OCI Global \u2014 in which Egyptian bn\u2019aire Nassef Sawiris owns a 38.8% stake \u2014 has signed an offtake agreement with US-based project developer New Fortress Energy (NFE) to purchase green hydrogen from NFE\u2019s planned large-scale green ammonia plant in Texas.<\/p>\n<p><strong>^^ We have all the details on this story and much more in the news well, below.<\/strong><\/p>\n<p><strong>THE BIG CLIMATE STORY OUTSIDE THE REGION- California is taking big oil to court for downplaying fossil fuel risks:<\/strong> The state of California \u2014 the world\u2019s <a href=\"https:\/\/bulloakcapital.com\/blog\/if-california-were-a-country\/#:~:text=California's%2520GDP%2520in%25202022%2520was,India%2520and%2520the%2520United%2520Kingdom.\">fifth largest economy<\/a> \u2014 is suing oil majors including BP, Exxon, Chevron, Shell and ConocoPhillips for causing USD bns in economic and environmental damages by misleading the public on the impact long-standing fossil fuel extraction has on the economy and communities. The lawsuit brought forward by the state\u2019s Attorney General Rob Bonta to San Francisco\u2019s County Superior Court alleges big oil firms and trade groups\u2014 including The American Petroleum Institute \u2014 have known since at least the 1960s that their operations are warming the planet and causing \u201ctens of bns of USD\u201d in damages, and seeks to create of a carbon abatement fund aimed at mitigating the impact of continued oil and gas extraction. \u201cFor more than 50 years, Big Oil has been lying to us \u2014 covering up the fact that they\u2019ve long known how dangerous the fossil fuels they produce are for our planet,\u201d California Governor Gavin Newsom told the press following submission of the state\u2019s 135-page complaint.<\/p>\n<p><strong>The story grabbed headlines in the international press:<\/strong> <a href=\"https:\/\/www.nytimes.com\/2023\/09\/15\/business\/california-oil-lawsuit-newsom.html\">New York Times<\/a> | <a href=\"https:\/\/www.theguardian.com\/us-news\/2023\/sep\/17\/california-sues-oil-companies-claiming-they-downplayed-the-risk-of-fossil-fuels\">The Guardian<\/a> | <a href=\"https:\/\/apnews.com\/article\/climate-oil-gas-california-lawsuit-newsom-212d6d9873352f28094173a1974e3d90\">AP News<\/a> | <a href=\"https:\/\/www.reuters.com\/sustainability\/boards-policy-regulation\/california-sues-oil-giants-downplaying-risks-posed-by-fossil-fuels-nyt-2023-09-16\/\">Reuters<\/a> | <a href=\"https:\/\/www.ft.com\/content\/3b655443-5721-4524-9e8f-ffbf314b06a7\">Financial Times<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-16\/california-sues-oil-giants-claiming-deception-harm-to-climate\">Bloomberg<\/a> | <a href=\"https:\/\/www.cnn.com\/2023\/09\/16\/us\/california-lawsuit-oil-companies\/index.html\">CNN<\/a> | <a href=\"https:\/\/www.france24.com\/en\/americas\/20230916-califonia-sues-oil-giants-over-damages-caused-by-climate-change\">France 24<\/a> | <a href=\"https:\/\/www.dw.com\/en\/california-accuses-oil-giants-downplaying-climate-risks\/a-66834007\">Deutsche Welle<\/a><\/p>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a><strong>WATCH THIS SPACE #1- Algeria wants to partner with US oil giants on renewables:<\/strong> A delegation from Algeria\u2019s state-owned oil firm Sonatrach and state-owned gas firm Sonelgaz are heading to the US in November to discuss potential partnerships in renewables and green hydrogen with ExxonMobil, Chevron, and Occidental Petroleum, <a href=\"https:\/\/www.zawya.com\/en\/projects\/utilities\/algeria-eyes-us-investment-in-renewable-energy-jt2i303c\">Zawya<\/a> reported on Friday. The meetings will take place from 7 to 9 November as part of the annual <a href=\"https:\/\/us-algeria-energy-and-investment.org\/\">US-Algeria Energy Forum<\/a>, attended by delegations from the relevant government ministries. \u201cThe main topic of the meeting this year is the setting up of US renewable energy projects in Algeria \u2026 we are especially interested in green hydrogen projects,\u201d head of the Algerian-US Business Council Ismail Shaikhoon told Algeria\u2019s state radio.<\/p>\n<p><strong>But the US isn\u2019t a big fan of Algeria\u2019s investment climate: <\/strong>The United States has criticized Algeria\u2019s state enterprise-dominated economy, saying it has an \u201cinconsistent regulatory environment,\u201d an executive summary of its <a href=\"https:\/\/www.state.gov\/reports\/2023-investment-climate-statements\/algeria\">2023 Investment Climate Statements<\/a> on the North African country reveal. \u201cAlgerian government officials frequently encourage US companies to invest in Algeria with particular focus on agriculture, information and communications technology, mining, hydrocarbons, renewable energy, and healthcare,\u201d the summary notes, \u201chowever certain regulations explicitly favor local firms at the expense of foreign competitors, and frequent, unpredictable changes to business regulations have added to the uncertainty in the market.\u201d<\/p>\n<p><strong>Heavy on fossil fuels:<\/strong> The country\u2019s hydrocarbon production accounts for 95% of export revenues and c. 40% of government income, the summary notes. Despite Algeria emerging as a main source of gas to European countries due to the Russian invasion of Ukraine, rising domestic energy consumption and underinvestment in production may be an obstacle for the country to boost its exports, according to the report.<\/p>\n<hr class=\"grey-line\">\n<p><strong>WATCH THIS SPACE #2-<\/strong> <strong>Oman has big green hydrogen plans:<\/strong> Oman is targeting 8 mn tons of green hydrogen production by 2050 in a bid to establish itself as a green industrialization hub, Director General of Renewable Energy and Hydrogen at the Ministry of Energy and Minerals Firas Al-Abduwani said in an interview with <a href=\"https:\/\/gulfleaderscircle.com\/interviews\/hydrom-interview\/\">Gulf Leaders Circle<\/a>. The sultanate plans to nab 8% of the global amount of tradeable green hydrogen \u2014 which is expected to reach 100 mn tons by 2050 \u2014 and aims to convert green hydrogen to synthetic aviation fuel in an effort to supply sustainable aviation fuel to the region, Al-Abduwani said. Oman also intends to reduce its carbon footprint by decarbonizing transportation, incentivizing <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/d99ce063-6d7a-41b1-8659-77e810108347\">the adoption of EVs<\/a>, and establishing an electric vehicle charging network.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a><strong>WATCH THIS SPACE #3- TotalEnergies could sink USD mns in Adani Green:<\/strong> French oil giant TotalEnergies is in talks to invest up to USD 700 mn in Adani Green\u2019s renewable projects, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-15\/total-is-said-in-talks-to-invest-in-adani-green-s-projects\">Bloomberg<\/a> reported on Friday, citing people with knowledge of the matter. While negotiations are currently ongoing, the investment would increase TotalEnergies presence in the Indian energy market and give Adani Green more funds to develop new renewable energy projects. TotalEnergies is the second largest shareholder of Adani Green, with a 19.75% stake, according to data compiled by Bloomberg. The company bought a 20% stake in Adani Green in 2021 as well as 50% interest in some of Adani Green\u2019s solar farms in a USD 2.5 bn transaction that was among the largest foreign investments in India.<\/p>\n<p><strong>REMEMBER- <\/strong>The Qatar Investment Authority reportedly <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/c4c0ea2c-0dab-49b2-ac66-ebc107d7b702\">bought shares worth USD 500 mn<\/a> in India\u2019s Adani Green Energy last month, representing some 3% of Adani\u2019s green energy arm, sources close to the matter told the Economic Times. If confirmed, the investment by QIA would provide a lifeline for Adani after alleged fraud battered investor confidence <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/922f15f5-a014-4c29-807b-501f1bff9be5\">earlier this year<\/a> .<\/p>\n<hr class=\"grey-line\">\n<p><strong>WATCH THIS SPACE #4- <\/strong><strong>Beijing condemns EU probe into Chinese EV subsidies: <\/strong>China slammed a <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/9822c88d-307b-46f7-9288-d5afdf64d4c5\">fresh probe by the European Commission<\/a> into China\u2019s subsidies for electric vehicles, saying it will have a \u201cnegative\u201d impact on economic and trade ties, <a href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/china-warns-europe-its-probe-chinese-evs-will-hurt-ties-2023-09-14\/\">Reuters<\/a> reported on Thursday, citing a statement by the country\u2019s Commerce Ministry. \"China believes the investigative measures proposed by the European Union are in reality to protect its own industry in the name of 'fair competition',\" it said. \"It is a naked protectionist act that will seriously disrupt and distort the global automotive industry and supply chain, including the EU, and will have a negative impact on China-EU economic and trade relations,\u201d the ministry said.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>     <a href=\"climate\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><p>***<\/p>\n<p><strong>YOU\u2019RE READING ENTERPRISE CLIMATE, the essential MENA publication for senior execs who care about the world\u2019s most important industry. <\/strong>We\u2019re out Monday through Thursday by 5am Cairo \/ 5am Riyadh \/ 6am UAE.<\/p>\n<p><strong>EXPLORE MORE OF ENTERPRISE ON THE WEB \u2014<\/strong> <a href=\"http:\/\/www.enterprise.news\">tap or click here<\/a> to read EnterpriseAM, EnterprisePM, and The Weekend Edition on our powerful new website packed with reader-friendly features.<\/p>\n<p>Were you forwarded this email? <strong>Get your own <\/strong><strong><a href=\"https:\/\/climate.enterprise.press\/subscribe\/\">subscription without charge here<\/a><\/strong> or reach out to us on <a href=\"mailto:climate@enterprisemea.com\">climate@enterprisemea.com<\/a> with comments, suggestions and story tips.<br \/>\n <strong>***<\/strong><\/p>\n<p><strong>CIRCLE YOUR CALENDAR- <\/strong><\/p>\n<p><strong>Morocco will host the <\/strong><strong><a href=\"https:\/\/www.worldptxsummit.com\/\">World Power-to-X Summit<\/a><\/strong><strong> from Tuesday 19 September to Thursday <\/strong><strong>21 September<\/strong> in Marrakech. The event brings together policymakers, industry leaders, and innovators in green hydrogen to showcase success stories in the carbonfree industry. It will also explore scaling-up projects throughout the Power-to-X value chain and hold discussions on harmonizing roadmaps of contiguous countries and adjacent regions.<\/p>\n<p><strong>Saudi Arabia will host the <\/strong><strong><a href=\"https:\/\/unfccc.int\/MENACW2023\">MENA Climate Week<\/a><\/strong><strong> from Sunday, 8 October to Thursday, 12 <\/strong><strong>October<\/strong> in Riyadh. The four-day summit will discuss climate solutions ahead of COP28. It aims to provide a platform for policymakers, businesses, and others to exchange climate solutions as well as discuss obstacles and avenues in different regions. It considers four major systems-based tracks: energy systems and industry, cities, urban and rural settlements, infrastructure and transport, land, ocean, food and water, societies, health, livelihoods, and economies. You can register <a href=\"https:\/\/indico.un.org\/event\/1005213\/\">here<\/a>.<\/p>\n<p><strong>The UAE will host the <\/strong><strong><a href=\"https:\/\/worldinvestmentforum.unctad.org\/wif-events-programme\">UNCTAD World Investment Forum<\/a><\/strong><strong> from Monday, 16 October to <\/strong><strong>Friday, 20 October<\/strong> in Abu Dhabi. This year\u2019s theme focuses on sustainable investments, with a diverse range of climate financing sessions on promoting investments in <a href=\"https:\/\/worldinvestmentforum.unctad.org\/session\/promoting-investment-blue-economy\">the blue economy<\/a>, <a href=\"https:\/\/worldinvestmentforum.unctad.org\/session\/investment-agrifood-systems-forum\">agrifood systems<\/a>, <a href=\"https:\/\/worldinvestmentforum.unctad.org\/session\/alignment-investment-sustainable-infrastructure-paris-agreement\">sustainable infrastructure<\/a>, <a href=\"https:\/\/worldinvestmentforum.unctad.org\/session\/carbon-markets\">carbon markets<\/a>, <a href=\"https:\/\/worldinvestmentforum.unctad.org\/session\/investment-trade-and-enterprise-circular-economy\">the circular economy<\/a>, <a href=\"https:\/\/worldinvestmentforum.unctad.org\/session\/strategic-minerals-decarbonisation\">strategic minerals<\/a> for decarbonization, and <a href=\"https:\/\/worldinvestmentforum.unctad.org\/session\/accelerating-green-investments-tourism-sustainable-development\">sustainable tourism<\/a>. Some sessions will tackle reform of financial institutions needed to reach <a href=\"https:\/\/worldinvestmentforum.unctad.org\/session\/net-zero-finance\">net zero<\/a>, such as a session on integrating <a href=\"https:\/\/worldinvestmentforum.unctad.org\/session\/integrating-nature-related-risk-capital-markets\">nature-related risk into capital markets<\/a> and financing an <a href=\"https:\/\/worldinvestmentforum.unctad.org\/session\/financing-equitable-nature-economy\">equitable nature economy<\/a>. <a href=\"https:\/\/worldinvestmentforum.unctad.org\/session\/delivering-public-sector-investment-sustainable-development\">Public sector investments<\/a> and <a href=\"https:\/\/worldinvestmentforum.unctad.org\/session\/stock-exchange-action-climate-disclosures\">stock exchange action<\/a> on climate disclosures will also be discussed.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, wonderful people. We have a packed issue with updates from around the region this morning, but first\u2026 IT\u2019S TODAY- The Enterprise Finance Forum is taking place today and tomorrow at the St. Regis Hotel on the Nile Corniche. This flagship forum is the latest in our must-attend series of invitation-only events, where CEOs, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":79584,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[44],"tags":[372,41,69,11,173,64,39,92,88,272,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-79583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-adani-green","tag-algeria","tag-china","tag-enterpriseclimate","tag-eu","tag-evs","tag-green-hydrogen","tag-oman","tag-renewables","tag-totalenergies","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"12a65d3c-3825-47d2-9a57-75f7f7a96829","order":"0","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2020\/12\/206.jpg","photo_position":"above","related_issue":[79581],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>TODAY: Sawiris\u2019 backed OCI Global signs an offtake agreement with US green hydrogen developer New Fortress Energy - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/09\/18\/today-sawiris-backed-oci-global-signs-an-offtake-agreement-with-us-green-hydrogen-developer-new-fortress-energy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TODAY: Sawiris\u2019 backed OCI Global signs an offtake agreement with US green hydrogen developer New Fortress Energy\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people. We have a packed issue with updates from around the region this morning, but first\u2026 IT\u2019S TODAY- The Enterprise Finance Forum is taking place today and tomorrow at the St. Regis Hotel on the Nile Corniche. 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