Egypt’s President Abdel Fattah Al-Sisi received, on Monday, CEO of Maersk Soren Seko to discuss a project to produce clean fuel for ships in Egypt with $15bn investment, which will provide more than 100,000 job opportunities in various disciplines
Shipping group A.P. Moller-Maersk plans to finalise a deal with Egyptian government for a green energy and clean fuel production and distribution project at the COP27 United Nations Climate Change Conference due next November.
The meeting was held in the presence of Osama Rabie, the Chairperson of the Suez Canal Authority, and Hani El-Nadi, Maersk’s representative in Egypt.
The president directed to start cooperation with Maersk to establish an integrated national network in Egypt to produce and distribute green fuel for ships, depending on new and renewable energy sources, in integration with the state’s efforts to preserve the environment.
This comes in light of the series of modern ports that Egypt enjoys on the coasts of the Red and Mediterranean Seas, in addition to the shipping lane of the Suez Canal, which is the main artery of global trade.
The anticipated project will see the production of 200,000 tons of clean fuel during the first phase, which will be completed by 2026, El Nady further said. Maersk has already begun feasibility studies for the project, he added.
The second and third phases will raise production to 1 million tons and 3 million tons by 2028 and 2030, respectively, the Maersk’s official noted.
Earlier this week, Maersk chief executive Soren Skou held talks with Egyptian President Abdel Fattah al-Sisi on the project, which will see the company cooperate with the Egyptian government to set up a national network to produce and distribute green energy and fuel for ships.
Egypt is aiming to position itself as a regional hub for green energy, with the government making moves to capitalise on investment momentum ahead of COP27. To date, major global companies have signed $18 billion worth of preliminary agreements to establish green ammonia and hydrogen projects in Ain Sokhna, with final agreements expected to be signed at the global climate summit.
