Egypt wants to produce green fuels for Maersk
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 talks last week. Twelve new vessels recently ordered by Maersk will run on green methanol when they set sail in 2024 and the company is looking to secure at least 450 mn tonnes a year to keep them running.
Don’t be surprised if this doesn’t happen, though: Following the talks, Maersk announced it had signed agreements with six companies from Europe, the US and China that will provide them with at least 730k tonnes a year by 2025.
Other things we’re keeping an eye on this morning:
- US-based water solutions company Xylem is planning to establish a factory in Egypt, and has opened a regional office (pdf) in New Cairo. It will complete a feasibility study for the factory by the end of the year.
- Phosphate Misr is set to begin construction on a USD 1.2 bn phosphoric acid and fertilizer complex in Abu Tartur plateau next May. The plant will produce 600k tonnes of acid a year once fully operational.
- Emirati businessman Khalaf Al Habtoor has held talks with a number of Egyptian banks to discuss potential investment in the country.
- An attempt by US lawmakers to block a USD 2.2 bn arms sale to Egypt on human rights grounds has failed, with senators voting down the effort by a margin of 81 to 18.