Renewables

Maersk to build $15 billion network for green energy, clean fuel in Egypt

Maersk to build $15 billion network for green energy, clean fuel in Egypt

 

Shipping group A.P. Moller-Maersk is planning a new project in Egypt to establish a network to produce and distribute green energy and clean fuels for ships.

Maersk Chief Executive Soren Skou discussed with Egypt’s President Abdel Fattah al-Sisi during their meeting on Monday the project to produce clean fuel for ships with investments of $15 billion, according to a presidency spokesperson said on Monday.

The project is set to create more than 100,000 jobs, the statement added.

President Sisi has directed the government to cooperate with AP Moeller-Maersk to establish the national network, the statement read, providing no further details on how the two sides will cooperate.

Egypt could be a main hub for supplying ships with green fuel in the region, Skou stated.

Egyptian government is aiming to position Egypt as a regional hub for green energy, through adopting several steps to capitalise on investment momentum ahead of COP27, which will take place in Sharm El-Sheikh next November. Major global companies have signed $18 billion worth of preliminary agreements to establish green ammonia and hydrogen projects in Ain Sokhna.

In August, Maersk signed an agreement with the Suez Canal Economic Zone (SCZone) to invest $500 million to expand the Suez Canal Container Terminal (SCCT) in East Port Said port.

Published: 20-09-2022

Share:

Subscribe for the Latest News and Updates

Marketing Permissions

OGV Energy will use the information you provide on this form to be in touch with you and to provide updates and marketing through the following methods:

  • Email
  • Direct Mail
  • Customised Online Advertising

Read the latest issue of the OGV Energy magazine

More News

Latest Magazine Banner

Marine and Lifting - OGV Magazine - Issue 87

WellPro Group Banner

Cegal Banner

Leyton Banner

Advertise with OGV Energy Banner