C2X Advances Green Methanol Production Project in Egypt
C2X has signed a comprehensive framework agreement to accelerate the large scale production of green methanol in Egypt.
The agreement relates to projects strategically located close to the Suez Canal and was signed with the General Authority for Suez Canal Economic Zone (SCZONE), the Egyptian New and Renewable Energy Authority, the Egyptian Electricity Transmission Company, and the Sovereign Fund of Egypt for Investment and Development.
C2X is aiming to build, own, and operate assets to produce green methanol at scale, with A.P. Moller Holding as majority owner and A.P. Moller - Maersk as minority owner.
The efforts will include the establishment of projects for generating green energy from wind and solar sources. Advanced technical and commercial feasibility studies are underway to help the parties proceed towards final investment decision on the first project. The aim is to establish a green fuel production facility with investments of up to $3 billion that will produce 300,000 tons per annum of green methanol for ship fuel.
“This is an important step forward for the global transition to green methanol. Egypt has many natural advantages that support a world class green methanol project including access to low-cost renewables and proximity to the Suez Canal and maritime customers. Signing of the framework agreement today marks another important milestone in realizing our ambition to be a leading producer of green methanol. We thank the Government of Egypt and our Egyptian sponsors for their continued support and look forward to working with them to make our project a success we can all be proud of,” says Brian Davis, Chief Executive Officer of C2X.
SCZONE conducted the first green fuel bunkering operation in East Port Said Port for the world’s first methanol-powered vessel from the A.P. Møller – Maersk fleet.
Waleid Gamal El-Dien, SCZONE's Chairman, stated: “Today's framework agreement is the 10th framework agreement within Memorandums of Understanding signed by SCZONE which aims to transform to a green economy and its various industrial applications, making use of its capabilities related to the integration of its ports with affiliated industrial zones.”