Maersk and Egyptian authorities have signed a partnership agreement to explore the establishment of large-scale green fuel production in Egypt.
The Memorandum of Understanding (MoU) was signed on Monday in a joint bid to further accelerate the supply of green fuels and the global transformation to net-zero shipping.
The parties will be conducting a feasibility study before the end of 2022 to examine an Egypt-based hydrogen and green marine fuel production, powered by renewable energy with Maersk as committed offtaker.
This partnership follows six fuel sourcing partnerships announced earlier this month.
With the deal, Maersk joins forces with the General Authority for Suez Canal Economic Zone (SCZone), the Egyptian New and Renewable Energy Authority (NREA), the Egyptian Electricity Transmission Company (EETC), and the Sovereign Fund of Egypt for Investment and Development (TSFE).
Henriette Hallberg Thygesen CEO, Fleet & Strategic Brands, Maersk, said: “Egypt has excellent conditions for renewable energy production and ambitions to become global leader in the green energy value chain.
“We are very excited to be able to explore options together, drawing on our more than 100 years of business relations in the country.”
Eng.Yhia Zaki, Chairman, SCZone, added: “Capitalising on Egypt’s fundamentals and vision, SCZONE’s strategic integrated areas of ports and industrial parks around the Suez Canal, and leveraging on the solid and enduring longstanding relationship we have with Maersk,
“I am looking forward to the evolvement of this project, which meets our mutual target of transforming into the green economy.”