Back to the complete issue
Tuesday, 20 September 2022

Maersk could work with Egypt on USD 15 bn clean fuel project

Egypt and Danish shipping giant Maersk could cooperate on a USD 15 bn project to produce clean fuel for ships, Ittihadiya said yesterday following talks between President Abdel Fattah El Sisi and Maersk CEO Soren Skou. The statement said El Sisi directed the government to start working with the company to set up a national network to produce and distribute green energy and fuel for ships, providing no further details on how the two sides will cooperate. The project is set to create more than 100k jobs, according to the statement.

What they said: Egypt could be a main hub for supplying ships with green fuel in the region, Skou said, according to the statement by Ittihadiya.

REMEMBER- The government is aiming to position Egypt as a regional hub for green energy, with the government making moves to capitalize on investment momentum ahead of COP27. Major global companies have signed USD 18 bn worth of preliminary agreements to establish green ammonia and hydrogen projects in Ain Sokhna this year.

This is Maersk’s second venture in Egypt in two months: Maersk signed an agreement with the Suez Canal Economic Zone (SCZone) to invest USD 500 mn to expand the Suez Canal Container Terminal (SCCT) in East Port Said port in August.

The news was picked up internationally: Reuters.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.