Maersk + Egypt to finalize USD 15 bn clean fuel project at COP27
Maersk will sign the final contracts for the USD 15 bn clean fuel project at COP27 in November, Chief Group Representative Hany El Nady said in a televised interview (watch, runtime: 14:03) last night. Earlier this week Maersk CEO Soren Skou held talks with President Abdel Fattah El Sisi on the project, which will see the company work with the Egyptian government to set up a national network to produce and distribute green energy and fuel for ships.
More details: Some 200k tons of fuel will be produced during the first phase, which will be completed by 2026. The second and third phases will raise production to 1 mn tons and 3 mn tons by 2028 and 2030, respectively, El Nady told Kelma Akhira’s Lamees El Hadidi last night. Maersk has already begun feasibility studies for the project, he added.
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, with final agreements expected to be signed at the global climate summit.