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Egypt to set up green fuel production facility with $ 3bn investments for first stage
Egypt will set up a green fuel production facility with investments of up to $3 billion for the first phase of the project, for ships bunkering services and decarbonization.
Egyptian Prime Minister Mostafa Madbouly witnessed the signing ceremony of the framework agreement.
The agreement was signed by Walid Gamal El Din, Chairman of the General Authority for the Suez Canal Economic Zone, Ayman Soliman, Executive Director of the Sovereign Fund of Egypt, Engineer Sabah Mashaly, President of the Egyptian Electricity Transmission Company, Dr. Mohamed El Khayyat, Chairman of the New and Renewable Energy Development and Utilization Authority, and Brian Davis, the CEO of C2X, which was recently established as an arm of A.P. Moller Maersk, with the aim of establishing projects to produce green methanol and its derivatives.
Following the signing, the Prime Minister confirmed that the Egyptian state, under the leadership of President Abdel Fattah El-Sisi, continues to strive at a rapid pace to expand the field of clean energy to produce green hydrogen and its derivatives.
The state is working to implement projects to produce and use green methanol and green ammonia, in order to serve the ship bunkering sector in particular, thanks to Egypt’s distinguished location and unique capabilities that make it a leader in this sector, he said.
The Chairman of the General Authority of the Suez Canal Economic Zone stated that the agreement is the tenth framework agreement within the memorandums of understanding signed by the economic zone.
He signed a memorandum of understanding with the international company “Maersk” last March, stressing that the economic zone aims to transform the green economy and its various industrial applications, such as the green fuel industry, which is one of the most important sources of clean energy in the world, pointing to the components of the economic zone in the integration of its ports with the regions.
Walid Jamal El-Din added that the first stage of the project aims to produce 300,000 tons annually of green methanol, and to reach one million tons annually of green methanol with the completion of the final stages of the project.
Meanwhile, Brian Davis, CEO of C2X, said this agreement is a milestone step in our endeavor towards the global transition to green fuels, as Egypt has many natural advantages that support the world-class green methanol project, including access to Renewable energy sources of excellent quality, with the Suez Canal being the most important global trade channel, and the signing of the framework agreement today represents another important milestone in achieving our ambition to become a leading producer of green methanol.
The company official thanked the Egyptian government, and the partners from Egyptian government bodies and agencies that are parties to the agreement for their continued support, expressing his aspiration to work with them to render “our project successful, which we can all be proud of.”
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