Today in Cairo four Egyptian public bodies have signed a memorandum of understanding with C2X, a company for the production of green methanol which has been established this year by Denmark's A. P Møller Holding and its shipping company A.P. Møller - Mærsk. Purpose of the agreement, signed in the presence of the Egyptian Prime Minister Moustafa Madbouly, is to accelerate methanol production large-scale green in Egypt, production to be carried out in Sokhna near the Suez Canal.

The agreement, which was signed by Waleid Gamal El-Dien, President of the Suez Canal Economic Zone (SCZone), Sabah Mashaly, CEO of the Egyptian Electricity Transmission Company (EETC), Ayman Soliman, CEO of the Sovereign Fund of Egypt for Investment and Development (TSFE), Mohamed El-Khayat, President of Egyptian New and Renewable Energy Authority (NREA), and Brian Davis, CEO of C2X, represents a continuation of the project dedicated primarily the decarbonisation of maritime transport agreed in March 2022 and activates closer collaboration between the parties with the launch of technical and commercial feasibility studies ( of 28 March 2022). Once the studies have been completed, the parties will have to sign binding agreements on investment in the project, which are expected to amount to up to three billion dollars for the first phase only, which is expected to allow a production of 300 thousand tons per year of green methanol. A completion of the entire project the expected production is One million tons.

"This - commented the CEO of C2X, Brian Davis - is a major step forward for the transition global green methanol. Egypt has many natural advantages supporting a world-class methanol project green, including access to low-cost renewable energy and proximity to the Suez Canal and maritime customers'.

The Maersk Group has already ordered the construction of 25 container ships capable of being fed with green methanol, ships that will start to be taken over from the first quarter next year.