Egypt: Maersk Sets to launch $15 bn network for green energy, clean fuel

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Shipping group A.P. Moller-Maersk has planned to launch a new project in Egypt to establish a network that could produce and distribute green energy and clean fuels for ships.

Maersk Chief Executive Soren Skou said this while in the audience, with Egypt’s President Abdel Fattah al-Sisi over the project to produce clean fuel for ships with investments of $15 billion.

Also, the Egyptian presidency confirmed it through a released statement and stated that the project was set to create more than 100,000 jobs.

Further, Sisi has directed the government to cooperate with AP Moeller-Maersk to establish the national network to provide further details on how the two sides will cooperate.

Egypt could be the main hub for supplying ships with green fuel in the region.

The Egyptian government has resolved to position Egypt as a regional hub for green energy, by adopting several steps to capitalize 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 also 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.

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