Shipping giant signs MOU to explore green marine fuel production in Egypt
A.P. Moller-Maersk signed a memorandum of understanding March 28 with Egyptian authorities in a joint bid to accelerate net-zero shipping and the supply of low-carbon marine fuels. Together with the General Authority for Suez Canal Economic Zone, the Egyptian New and Renewable Energy Authority, the Egyptian Electricity Transmission Co., and the Sovereign Fund of Egypt for Investment and Development, Maersk and the parties will conduct a feasibility study before the end of this year to examine Egypt-based hydrogen and green marine fuel production, to be powered by renewable energy, with Maersk as a committed offtaker.
“Egypt has excellent conditions for renewable energy production and ambitions to become global leader in the green energy value chain,” said Henriette Hallberg Thygesen, CEO of fleet and strategic brands with Maersk. “We are very excited to be able to explore options together, drawing on our more than 100 years of business relations in the country.”
Ayman Soliman, CEO of The Sovereign Fund of Egypt, added, “Maersk’s bid to accelerate the supply of green fuels and the global transformation to net-zero shipping will expand the Suez Canal’s service offering as a main global hub for green bunkering in the region.”
Maersk said it intends to explore similar opportunities in other regions with strong potential for renewable-energy development, drawing on business and governmental relations to facilitate opportunities for nations and commercial players to embrace the rapid acceleration in green fuel production that is key to decarbonizing shipping.