BP said it has signed a memorandum of understanding with the government of Egypt under which it will explore the potential for a new green hydrogen production facility in the North African country. Egypt recently hosted the UN's COP 27 climate change conference, where it signed several similar agreements related to potential green hydrogen and green ammonia projects in the country. Egypt says it wants to become a hub for low-carbon hydrogen exports - utilizing its access to cheap gas and its wind and solar power potential to run electrolyzers. It hopes to capture 5% of the global market by 2040.
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