{"id":73550,"date":"2023-09-18T00:00:00","date_gmt":"2023-09-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/09\/18\/maersks-new-green-fuels-venture-eyes-suez-canal-production-hub\/"},"modified":"2023-09-18T00:00:00","modified_gmt":"2023-09-18T00:00:00","slug":"maersks-new-green-fuels-venture-eyes-suez-canal-production-hub","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/09\/18\/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)<\/a>, according to statements by the company (here<\/a>) and the General Authority for the SCZone (here<\/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. C2X didn\u2019t disclose its capital or the size of its expected investment in the SCZone.<\/p>\n

Where does Egypt 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

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, Egypt\u2019s 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 Egypt\u2019s state-owned 545-MW Zafarana wind farm<\/a> to help power green fuels production. In May, Egypt\u2019s 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 EnterpriseAM\u2019s recent explainer<\/a> on green fuels for more.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company is pursuing large-scale green methanol projects near the Suez Canal<\/p>\n","protected":false},"author":1,"featured_media":73551,"comment_status":"","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":[190],"tags":[17,37,123,12],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-73550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shipping-maritime","tag-enterprise-logistics","tag-ports","tag-shipping-maritime","tag-suez-canal","wpautop","entry"],"acf":{"mongo_id":"bd252516-5da3-42e9-b782-65ed8a934306","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/1079.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Maersk\u2019s new green fuels venture eyes Suez Canal production hub","related_issue":[73543],"teaser":"The company is pursuing large-scale green methanol projects near the Suez Canal","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.fa9a30b0-9a0a-4135-9f6f-a7c9b7a28f5a.mp3"},"yoast_head":"\nMaersk\u2019s new green fuels venture eyes Suez Canal production hub - 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