{"id":606443,"date":"2023-09-17T00:00:00","date_gmt":"2023-09-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/17\/maersks-new-green-fuels-venture-eyes-suez-canal-production-hub\/"},"modified":"2023-09-17T00:00:00","modified_gmt":"2023-09-17T00:00:00","slug":"maersks-new-green-fuels-venture-eyes-suez-canal-production-hub","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/17\/maersks-new-green-fuels-venture-eyes-suez-canal-production-hub\/","title":{"rendered":"Maersk\u2019s new green fuels venture eyes Suez Canal production hub"},"content":{"rendered":"

Maersk goes big on green fuel \u2014 with Egypt as a production hub: <\/strong>Danish shipping giant AP Moller-Maersk and its parent company AP Moller Holding have established a startup that will manufacture green methanol to fuel container ships in the Suez Canal Economic Zone (SCZone), according to statements by the company (here<\/a>) and the General Authority for the SCZone (h<\/a> er<\/a> e<\/a>). <\/p>\n

Meet C2X: <\/strong>The new company, dubbed C2X<\/a>, hopes to produce more than 3 mn tons of green methanol annually by 2030, according to its statement. It is 20% owned by AP Moller-Maersk, with the majority 80% stake held by AP Moller Holding \u2014 the investment company belonging to the Maersk founding family. C2X hopes to supply green methanol to AP Moller-Maersk as well as other customers in the chemicals and shipping industries. The company has hired energy industry veteran Brian Davis (LinkedIn<\/a>) as CEO and Alastair Maxwell (LinkedIn<\/a>) as its CFO, leading a team of 60 employees. <\/p>\n

Where we come in: <\/strong>C2X \u201cis presently pursuing large-scale green methanol projects near the Suez Canal in Egypt and the port of Huelva in Spain\u201d as well as other undisclosed projects, its statement reads. <\/p>\n

This could mean bns of USD in FDI for our green energy industry: <\/strong>Maersk signed a preliminary agreement with the government during the COP27 climate summit last year to invest as much as USD 15 bn<\/a> to set up clean fuel projects here. C2X didn\u2019t disclose its capital or the size of its expected investment in the SCZone. <\/p>\n

Expect more details next month: <\/strong>Maersk is expected to sign a framework agreement for the project with the SCZone, the Sovereign Fund of Egypt, the New and Renewable Energy Authority, and Egyptian Electricity Transmission Company at the start of October, the SCZone statement reads.<\/p>\n

Maersk has already been laying the groundwork: <\/strong> Maersk is reportedly on course to purchase half of the government\u2019s 545-MW Zafarana wind farm<\/a> to help power green fuels production. In May, cabinet also approved requests by Norwegian renewables producer Scatec and Maersk to allocate a piece of land in the Gulf of Suez for a 320-MW wind farm<\/a> to power their green fuel projects.<\/p>\n

What they said: <\/strong>\u201cThere is a pressing environmental requirement to scale the production of green methanol,\u201d said AP Moller Holding CEO Robert Uggla. \u201cC2X was founded to enable the energy transition in several hard to abate industries, including plastics, glues, textiles, and fuels.\u201d<\/p>\n

PLUS- Maersk\u2019s maiden green methanol voyage is complete: <\/strong>The launch of C2X came in the same week that Maersk completed the maiden voyage of the world\u2019s first green methanol-powered container ship. European Commissioner Ursula von der Leyen named the vessel Laura Maersk at a ceremony after it docked in Copenhagen, the company said<\/a> Thursday. The vessel set out from Asia and last month passed through the Suez Canal on its way to Europe, being refueled at East Port Said port<\/a> by our friends at OCI Global. <\/p>\n

Green fuels? <\/strong>Green fuels are most promising in their potential to substitute fossil fuels in \u201chard-to-decarbonize\u201d industries including steel, petrochemicals, and fertilizers, and in heavy duty transport including shipping, aviation, and trucking. Already some 100 ships with methanol burning engines have been ordered by shipping giants including Maersk, Cosco and CMA CGM. Read our recent explainer<\/a> on green fuels for more. <\/p>\n","protected":false},"excerpt":{"rendered":"

Maersk goes big on green fuel \u2014 with Egypt as a production hub: Danish shipping giant AP Moller-Maersk and its parent company AP Moller Holding have established a startup that will manufacture green methanol to fuel container ships in the Suez Canal Economic Zone (SCZone), according to statements by the company (here) and the General […]<\/p>\n","protected":false},"author":1,"featured_media":606444,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[7331,7286,93,72,103,1361,145,665,151,416],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-606443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-c2x","tag-climate","tag-energy","tag-enterpriseam","tag-fdi","tag-green-methanol","tag-logistics","tag-maersk","tag-renewables","tag-suez-canal-economic-zone","wpautop","entry"],"acf":{"mongo_id":"8706955f-69de-4235-b9ab-6c6875cfa7c2","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/1007.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Maersk\u2019s new green fuels venture eyes Suez Canal production hub","related_issue":[606436],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.9b08dea3-c1fe-42a1-8988-f688694b57a7.mp3"},"yoast_head":"\nMaersk\u2019s new green fuels venture eyes Suez Canal production hub - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/17\/maersks-new-green-fuels-venture-eyes-suez-canal-production-hub\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Maersk\u2019s new green fuels venture eyes Suez Canal production hub\" \/>\n<meta property=\"og:description\" content=\"Maersk goes big on green fuel \u2014 with Egypt as a production hub: Danish shipping giant AP Moller-Maersk and its parent company AP Moller 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expanding to 1 mn tons","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/324.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544645,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/14\/egypt-wants-to-produce-green-fuels-for-maersk\/","url_meta":{"origin":606443,"position":1},"title":"Egypt wants to produce green fuels for Maersk","author":"enterpriseam admin","date":"14 March 2022","format":false,"excerpt":"Egypt wants to produce green fuels for Maersk: Maersk will soon sign an MoU with the Suez Canal Economic Zone (SCZone) which could pave the way for Egypt to supply the shipping giant with fuel for its new generation of low-carbon vessels, the SCZone said in a statement Friday following\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549518,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/20\/maersk-could-work-with-egypt-on-usd-15-bn-clean-fuel-project\/","url_meta":{"origin":606443,"position":2},"title":"Maersk could work with Egypt on USD 15 bn clean fuel project","author":"enterpriseam admin","date":"20 September 2022","format":false,"excerpt":"Egypt and Danish shipping giant Maersk could cooperate on a USD 15 bn project to produce clean fuel for ships, Ittihadiya said yesterday following talks between President Abdel Fattah El Sisi and Maersk CEO Soren Skou. The statement said El Sisi directed the government to start working with the company\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/284.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577280,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/16\/maersks-scct-inks-contract-for-usd-500-mn-east-port-said-port-expansion\/","url_meta":{"origin":606443,"position":3},"title":"Maersk\u2019s SCCT inks contract for USD 500 mn East Port Said port expansion","author":"enterpriseam admin","date":"16 November 2022","format":false,"excerpt":"It\u2019s official: AP Moller-Maersk will embark on a major USD 500 mn expansion of East Port Said port that is expected to raise its capacity by 40%. The Suez Canal Container Terminal (SCCT) \u2014 majority-owned by Maersk\u2019s APM Terminals \u2014 yesterday signed a contract with the Suez Canal Economic Zone\u2026","rel":"","context":"In "Infrastructure"","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/258.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576991,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/06\/sczone-might-be-getting-an-investment-arm\/","url_meta":{"origin":606443,"position":4},"title":"SCZone might be getting an investment arm","author":"enterpriseam admin","date":"6 November 2022","format":false,"excerpt":"SCZone to get investment arm? The Suez Canal Economic Zone (SCZone) plans to establish an investment company to channel finance into projects being established in the zone, SCZone head Walid Gamal El Din said Saturday, without providing further information.This isn\u2019t the same thing as the Suez Canal Authority\u2019s new fund:\u2026","rel":"","context":"In "Suez Canal"","block_context":{"text":"Suez Canal","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/suez-canal\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/91.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":607568,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/04\/this-evening-c2x-signs-usd-3-bn-green-fuel-production-framework-agreement\/","url_meta":{"origin":606443,"position":5},"title":"THIS EVENING: C2X signs USD 3 bn green fuel production framework agreement","author":"enterpriseam admin","date":"4 October 2023","format":false,"excerpt":"Good afternoon, wonderful people, and welcome to the last day of this abridged week. We\u2019re heading into the long weekend (which, might we add, will be our last holiday of 2024) with a reasonably paced news cycle, rounding out a string of heavy news days. PSA- EnterprisePM is off tomorrow\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/753.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/606443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=606443"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/606443\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/606436"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/606444"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=606443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=606443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=606443"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=606443"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=606443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}