{"id":633854,"date":"2024-07-22T00:00:00","date_gmt":"2024-07-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/22\/the-fine-print-in-fertiglobes-green-ammonia-offtake-agreement-with-germany-plus-news-from-ida-itida-korra-group\/"},"modified":"2024-07-22T00:00:00","modified_gmt":"2024-07-22T00:00:00","slug":"the-fine-print-in-fertiglobes-green-ammonia-offtake-agreement-with-germany-plus-news-from-ida-itida-korra-group","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/22\/the-fine-print-in-fertiglobes-green-ammonia-offtake-agreement-with-germany-plus-news-from-ida-itida-korra-group\/","title":{"rendered":"The fine print in Fertiglobe\u2019s green ammonia offtake agreement with Germany. PLUS: News from IDA, ITIDA, Korra Group"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">ENERGY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fertiglobe\u2019s plan to export ammonia to Europe comes with strings attached:<\/strong> UAE-based renewables player Fertiglobe\u2019s offtake <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f049fa22-56b2-4eef-aaec-6571ab41fb5e\/\" style=\"\" rel=\"noopener\">agreement with Germany<\/a> to export green ammonia to Europe hinges on finalizing the investment agreement between the partners of Egypt Green Hydrogen \u2014 the plant that will provide the green hydrogen needed for Fertiglobe to produce green ammonia at its ammonia plants \u2014 <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/financial-markets\/49099\/%D9%87%D8%B0%D8%A7-%D8%B4%D8%B1%D8%B7-%D8%A5%D8%AA%D9%85%D8%A7%D9%85-%D8%B5%D9%81%D9%82%D8%A9-%D8%A7%D9%84%D8%A3%D9%85%D9%88%D9%86%D9%8A%D8%A7-%D9%85%D9%86-%D9%85%D8%B5%D8%B1-%D8%A5%D9%84%D9%89-%D8%A3%D9%88%D8%B1%D9%88%D8%A8%D8%A7\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports, citing a company official. While the agreement is not set to reach the final investment decision until the first half of 2025, the company believes the newly inked offtake agreement with Germany will help push the agreement over the line, Fertiglobe CEO Ahmed El Hoshy previously said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The players:<\/strong> Egypt Green Hydrogen is a partnership between Fertiglobe, Orascom Construction, Scatec, the Sovereign Fund of Egypt (SFE), and the Egyptian Electricity Transmission Company.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where does Egypt Green Hydrogen currently stand? <\/strong>The partners are yet to finalize the hydrogen plant agreement, with technical and feasibility studies for the project reportedly nearing completion.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">MANUFACTURING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IDA to reconcile unauthorized factories built on green lands:<\/strong> Transport and Industry Minister Kamel El Wazir tasked the Industrial Development Authority (IDA) with drawing up legislative amendments to legalize the status of factories built on agricultural land, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid021k6UoUqmwEf6BMV7ntgBbACoGgF3Sqo3BqMihhYdjPoMT91KHRou9q7FZMbVRK2vl\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s eligible? <\/strong>Any industrial institution built on agricultural land that is already licensed and operational can legalize its status once the legislation is out. Meanwhile, industrial facilities currently under construction or built after 20 July without the required building license will be deemed illegal encroachments on farmlands.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DEBT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A banking committee to restructure EverGrow's debt:<\/strong> The National Bank of Egypt, Banque Misr, and EG Bank are leading a five-bank committee representing 25 lenders to look into proposals for restructuring local fertilizer producer <a target=\"_blank\" href=\"https:\/\/evergrowfert.com\/ar\/\" style=\"\" rel=\"noopener\">EverGrow<\/a> 's EGP 32 bn debt, <a target=\"_blank\" href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=20072024&id=9ba7738d-c2ee-42b2-925a-96219c236906\" style=\"\" rel=\"noopener\">Al Shorouk<\/a> reports, citing unnamed sources. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EverGrow proposes 16-year repayment plan:<\/strong> The company is seeking a EGP 2 bn working capital loan, lower interest rates on its debts, and partial debt-for-equity swaps with the banks, according to the sources. EverGrow has also proposed a 16-year repayment plan for its debts. The Central Bank of Egypt has instructed banks to set aside 100% of loan loss provisions if an agreement is not reached to settle what is reportedly the largest debt owed by a single client in the Egyptian banking sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> AGRICULTURE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Korra Group has a EGP 800 mn project in the pipeline:<\/strong> Korra Group \u2014 the parent company of Korra Agri and Korra Energi \u2014 is looking to set up a EGP 800 mn project to ramp up its agriculture exports, writes <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d9%82%d8%b1%d8%a9-%d8%aa%d8%af%d8%b1%d8%b3-%d8%aa%d9%86%d9%81%d9%8a%d8%b0-%d9%85%d8%b4%d8%b1%d9%88%d8%b9-%d8%b2%d8%b1%d8%a7%d8%b9%d9%89-%d8%ac%d8%af%d9%8a%d8%af-%d8%a8%d8%a7%d8%b3%d8%aa\/\" style=\"\" rel=\"noopener\">Al Mal<\/a>, citing vice chairman and CEO Heba Korra. The project includes a factory for freezing and packaging strawberries \u2014 the group's main crop \u2014 in Sadat City.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next?<\/strong> The group has already bought the land for the project, and is currently sorting out how it is going to fund it, Korra said, expecting to lean on banks to secure the necessary funds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">TECH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More software exports ahead:<\/strong> The Information Technology Industry Development Agency (ITIDA) and IT services outfit <a target=\"_blank\" href=\"https:\/\/dxc.com\/eg\/en\" style=\"\" rel=\"noopener\">DXC Technology Egypt<\/a> will work together to support Egyptian software exporters, under a newly-inked MoU between the two sides, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/1595.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The partnership will see the pair leverage ITIDA\u2019s Software Engineering Competence Center to back national software exporters via training, accreditation, and consulting services.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The agreement hinges on finalizing the investment agreement between the partners of Egypt Green Hydrogen<\/p>\n","protected":false},"author":1,"featured_media":633855,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","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":[7209],"tags":[97,111,88,93,72,1585,254,289,1635,131,639],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-633854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-agriculture","tag-also-on-our-radar","tag-debt-watch","tag-energy","tag-enterpriseam","tag-fertiglobe","tag-green-hydrogen","tag-industrial-development-authority","tag-itida","tag-manufacturing","tag-technology","wpautop","entry"],"acf":{"mongo_id":"2deb336c-a235-4251-8b82-cb7fcbfa18d7","order":"11","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1640.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The fine print in Fertiglobe\u2019s green ammonia offtake agreement with Germany","related_issue":[633835],"teaser":"The agreement hinges on finalizing the investment agreement between the partners of Egypt Green Hydrogen","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.3f179285-2dfc-490d-ae61-d16e49d3fb35.mp3"},"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>The fine print in Fertiglobe\u2019s green ammonia offtake agreement with Germany. 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PLUS: Network International and eCards are collaborating on digital cards","author":"enterpriseam admin","date":"19 September 2023","format":false,"excerpt":"Fertiglobe will soon be producing and exporting green ammonia from Egypt","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1190.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556222,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/17\/sfe-fertiglobe-partner-with-scatec-for-ain-sokhna-green-hydrogen-plant\/","url_meta":{"origin":633854,"position":3},"title":"SFE, Fertiglobe partner with Scatec for Ain Sokhna green hydrogen plant","author":"enterpriseam admin","date":"17 October 2021","format":false,"excerpt":"SFE, Fertiglobe, Scatec agree on green hydrogen plant: Norway\u2019s Scatec is set to build a 50-100 MW green hydrogen project in Ain Sokhna, in partnership with Nassef Sawiris-backed ammonia producer Fertiglobe and the Sovereign Fund of Egypt (SFE), according to a Cabinet statement. The new plant will be used as\u2026","rel":"","context":"In &quot;Green economy&quot;","block_context":{"text":"Green economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/green-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577272,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/16\/egypt-signs-framework-agreements-for-green-hydrogen-ammonia-plants-worth-usd-83-bn\/","url_meta":{"origin":633854,"position":4},"title":"Egypt signs framework agreements for green hydrogen + ammonia plants worth USD 83 bn","author":"enterpriseam admin","date":"16 November 2022","format":false,"excerpt":"Another step forward to becoming a green energy hub: Egypt has signed framework agreements with international power companies to construct nine green hydrogen and ammonia facilities in the Suez Canal Economic Zone,\u00a0 a series of government statements (here, here and here) yesterday. 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