RIYADH: Egypt is poised to produce green fuel through its recent agreement with Maersk’s C2X worth up to $3 billion signed on Wednesday, according to its Prime Minister’s Office.
The deal, signed during a meeting between Egyptian Prime Minister Mostafa Madbouly and C2X CEO Brian Davis, is aimed at producing green fuel for ship supplies and achieving zero carbon emissions.
The agreement was formalized during a signing ceremony involving the General Authority for the Suez Canal Economic Zone, the Sovereign Fund of Egypt, the New and Renewable Energy Authority, the Egyptian Electricity Transmission Co., and the C2X company.
Following the deal, Madbouly affirmed that Egypt remains committed to advancing clean energy initiatives, focusing on generating green hydrogen and its derivatives.
The state is actively engaged in projects to develop and utilize green methanol and green ammonia, with an emphasis on benefiting the shipping sector. Egypt’s favorable location and distinctive resources position it as a leader in this industry.
“This agreement represents a significant milestone in our global transition toward green fuels. Egypt possesses many natural advantages that support a world-class green methanol project, including access to high-quality renewable energy sources and the Suez Canal as a major global trade route,” Davis said.
According to Walid Gamal El-Din, chairman of the General Authority for the Suez Canal Economic Zone, the pact is the 10th framework deal among the various memorandum of understanding signed by the authority.
He also emphasized a commitment to transitioning toward a sustainable economy and diverse industrial applications, including producing green fuel, a globally significant eco-friendly energy source.
Additionally, Gamal El-Din added that the project aims to produce 300,000 tons of green methanol annually in its first phase and reach one million tons per year upon completing its final stages.
