Maersk to Establish a $15B Clean Fuel Project in Egypt

Maersk to Establish a $15B Clean Fuel Project in Egypt

President Abdel Fattah El-Sisi met with Maersk Group CEO Søren Skou, in the presence of Osama Rabie, Chairman of the Suez Canal Authority, and Hany El Nady, Maersk Egypt’s Chief Group Representative, according to the presidency spokesman.

The meeting dealt with joint cooperation with the global Maersk Group to produce green energy and clean fuels for ships.

During the meeting, Skou reviewed the plan to establish a project to produce clean fuel for ships in Egypt with investments of $15 billion, which will provide more than 100,000 job opportunities in various disciplines.

El-Sisi directed to start cooperation with the global Maersk Group to establish an integrated national network in Egypt to produce and distribute green energy and clean fuel for ships, depending on new and renewable energy sources. This comes in integration with the state’s efforts to transform green energy and preserve the environment and in light of the series of modern ports that Egypt enjoys on the coasts of the Red and Mediterranean Seas, in addition to the shipping lane of the Suez Canal, which represents the main artery of global trade.

Meanwhile, the CEO of Maersk expressed his appreciation for the extended cooperation between Maersk and Egypt through the Suez Canal Authority. He praised the Authority for undergoing development, keeping pace with the latest modern technologies, as well as modernizing the Suez Canal and its infrastructure. This, in turn, would make Egypt qualified to become the main and pivotal hub for supplying and refueling ships with green fuel in the region.

The meeting also discussed ways to strengthen cooperation between the Suez Canal Authority and Maersk, particularly in the areas of training, exchange of expertise, maritime transport, logistics, container handling terminals, and maritime services.

Sarah Samir 2828 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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