Egypt signs $3bln agreement with Maersk for green fuel production

Egypt signed a new framework agreement with Maersk’s C2X for $3 billion investments as a phase of green fuel production project to supply ships and bring zero carbon emissions, according to a Cabinet statement on Wednesday.

The project aims to produce 300,000 tons of green methanol per year and reach one million tons annually by completing the final stages, said Waleid Gamal El-Dien, chairman of the General Authority for Suez Canal Economic Zone.

The General Authority for Suez Canal Economic Zone signed the agreement with the Sovereign Fund of Egypt, the New and Renewable Energy Authority, the Egyptian Electricity Transmission, along with Maersk’s C2X.

The agreement is a major step in Maersk’s quest for a global transition to green fuels, as Egypt has many natural advantages that support the world-class green methanol project, Brian Davis, CEO of C2X, said.