In a significant development aimed at reducing carbon emissions and supplying ships with cleaner fuels, an agreement valued at $3 billion was signed today at the New Administrative Capital. The signing ceremony was attended by Dr. Mostafa Madbouly, the Prime Minister of Egypt.
The framework agreement was signed between several key entities, including the General Authority for the Suez Canal Economic Zone, the Egyptian Sovereign Fund, the New and Renewable Energy Authority, the Egyptian Electricity Transmission Company, and the newly established company “C2X,” a subsidiary of A.P. Moller Maersk.
This ambitious project’s primary objective is the production of green fuels, specifically green methanol and its derivatives, in its initial phase. This initiative aims to achieve zero carbon emissions and provide sustainable energy solutions for the maritime industry.
The agreement was signed by Walid Gamal El-Din, the President of the General Authority for the Suez Canal Economic Zone; Ayman Soliman, the CEO of the Egyptian Sovereign Fund; Sabah Mashali, the President of the Egyptian Electricity Transmission Company; and Dr. Mohamed El Khayat, the Head of the New and Renewable Energy Authority. Also present was Brian Davis, the CEO of “C2X.”
This groundbreaking project is expected to have a profound impact on Egypt’s economy and environmental efforts. It reflects the nation’s commitment to green energy and its dedication to reducing carbon emissions in one of the world’s most vital transportation corridors, the Suez Canal.
The green fuel production project is a significant step forward in the global pursuit of sustainable energy solutions. It aligns with Egypt’s long-term vision of becoming a leader in renewable energy production and contributing to a cleaner, more sustainable world.
