Prime Minister Mostafa Madbouly witnessed the signing ceremony of the framework agreement between the General Authority for the Suez Canal Economic Zone (SCZONE), the Sovereign Fund of Egypt, The New and Renewable Energy Authority (NREA), Egyptian Electricity Transmission Company (EETC), and C2X.

The agreement, which was signed at the Cabinet’s headquarters in the New Administrative Capital, aims to establish a project to produce green fuel with investments amounting to $3 billion for the first phase, for ship bunkering supplies and achieving zero carbon emissions.

The agreement was signed by Waleid Gamal El-Dein, SCZONE’s Chairman; Ayman Soliman, CEO of the Sovereign Fund of Egypt; Sabah Mashaly, President of EETC; Mohamed El Khayat, NREA’s Chairman; and Brian Davis, CEO of C2X.

C2X was recently established as one of the arms of A.P. Moller Maersk; with the aim of establishing projects to produce green methanol and its derivatives.

Following the signing, the Prime Minister confirmed that the Egyptian state, under the leadership of President Abdel Fattah El Sisi, continues to strive at a rapid pace to expand the field of clean energy to produce green hydrogen and its derivatives. The state is working on implementing projects to produce and use green methanol and green ammonia, in order to serve the ship bunkering sector in particular, thanks to Egypt’s distinguished location and unique capabilities that make it a leader in this sector.

The company’s officials thanked the Egyptian government, and the partners from Egyptian government bodies and agencies that are parties to the agreement for their continued support, expressing aspiration to work with them to make the project a success, which they can all be proud of.