{"id":607645,"date":"2023-10-08T00:00:00","date_gmt":"2023-10-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/08\/egypt-maersk-sign-green-methanol-framework-agreement\/"},"modified":"2023-10-08T00:00:00","modified_gmt":"2023-10-08T00:00:00","slug":"egypt-maersk-sign-green-methanol-framework-agreement","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/08\/egypt-maersk-sign-green-methanol-framework-agreement\/","title":{"rendered":"Egypt, Maersk sign green methanol framework agreement"},"content":{"rendered":"

One step closer to Egypt-made green methanol: <\/strong> Egypt signed a framework agreement on Wednesday with Maersk\u2019s new green methanol company C2X<\/a> to produce the green fuel in the Suez Canal Economic Zone, according to a statement<\/a>. The first phase of the project will require USD 3 bn of investment and will produce 300k tons of green methanol per year. The company expects to increase capacity to 1 mn tons a year by the final phase of the project.<\/p>\n

Remember: <\/strong> The Danish shipping giant established C2X<\/a> in September to produce and sell green methanol to the global shipping industry. The firm aims to reach an annual production output of over 3 mn tons by 2030 by pursuing large-scale green methanol projects in Egypt and the port of Huelva in Spain, among several other planned locations. The company is 20% owned by AP Moller-Maersk, with the majority 80% stake held by its parent company AP Moller Holding.<\/p>\n

Maersk has already been laying the groundwork: <\/strong> The company had 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 in Egypt. It is reportedly in talks to purchase half of the government\u2019s 545-MW Zafarana wind farm<\/a> to help power green fuels production. In May, the Egyptian 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","protected":false},"excerpt":{"rendered":"

The project will produce 300k tons of green methanol a year initially before expanding to 1 mn tons<\/p>\n","protected":false},"author":1,"featured_media":607646,"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":[7331,93,72,254,1361,665,151],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-c2x","tag-energy","tag-enterpriseam","tag-green-hydrogen","tag-green-methanol","tag-maersk","tag-renewables","wpautop","entry"],"acf":{"mongo_id":"f946badd-a338-4c7b-ada3-f1965c01a6bd","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/324.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt, Maersk sign green methanol framework agreement","related_issue":[607630],"teaser":"The project will produce 300k tons of green methanol a year initially before expanding to 1 mn tons","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.43905c99-06f9-421e-b494-d326f61d616d.mp3"},"yoast_head":"\nEgypt, Maersk sign green methanol framework agreement - 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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":[]},{"id":611217,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/04\/scatec-sczone-ink-usd-1-1-bn-green-methanol-agreement\/","url_meta":{"origin":607645,"position":2},"title":"Scatec, SCZone ink USD 1.1 bn green methanol agreement","author":"enterpriseam admin","date":"4 December 2023","format":false,"excerpt":"Egypt has been shut out of Western capital markets, forcing it to turn to to more unconventional sources of finance","rel":"","context":"In \"COP28\"","block_context":{"text":"COP28","link":"https:\/\/enterpriseam.com\/egypt\/tag\/cop28\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/154.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":611303,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/05\/the-state-wants-an-even-bigger-share-of-the-countrys-nascent-green-fuel-industry\/","url_meta":{"origin":607645,"position":3},"title":"The state wants an even bigger share of the country\u2019s nascent green fuel industry","author":"enterpriseam admin","date":"5 December 2023","format":false,"excerpt":"The project will be set up by Helwan Fertilizers, Abu Qir Fertilizers, and Al Ahly Capital Holding","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\/12\/172.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564345,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/25\/look-out-methanex\/","url_meta":{"origin":607645,"position":4},"title":"Look out Methanex","author":"enterpriseam admin","date":"25 August 2021","format":false,"excerpt":"The Oil Ministry has formed a new state-owned petrochemicals company that will join Methanex in producing methanol in Egypt. A shareholder agreement has been signed establishing Misr Methanol and Petrochemicals, which will manufacture methanol, ammonia, and other petrochemicals, the Oil Ministry announced today in a statement.Around USD 1.6 bn will\u2026","rel":"","context":"In "SPEED ROUND: ENERGY"","block_context":{"text":"SPEED ROUND: ENERGY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/525.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590290,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/17\/eib-could-provide-usd-300-mn-for-new-rail-line-plus-madinet-masr-acquires-minka-tenth-of-ramadan-dry-port-green-methanol-new-freezones-incoming\/","url_meta":{"origin":607645,"position":5},"title":"EIB could provide USD 300 mn for new rail line. 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