Denmark's shipping group Maersk has signed on Monday a memorandum of understanding to launch a new project for green fuel production in Egypt. With the deal, Maersk is joining forces with the General Authority for Suez Canal Economic Zone (SCZone), the Egyptian New and Renewable Energy Authority (NREA), the Egyptian Electricity Transmission Company (EETC), and the Sovereign Fund of Egypt. The parties will be conducting a feasibility study before the end of 2022 to examine an Egypt-based hydrogen and green marine fuel production, powered by renewable energy with Maersk acting as offtaker. Egyptian Prime Minister Moustafa Madbouly, who witnessed the signing of the deal, praised the cooperation with Maersk in the field of green hydrogen production for ship bunkering, according to a Cabinet statement. Henriette Hallberg Thygesen, CEO for Fleet and Strategic Brands at Maersk, said: "Egypt has excellent conditions for renewable energy production and ambitions to become global leader in the green energy value chain. "We are very excited to be able to explore options together, drawing on our more than 100 years of business relations in the country." Yehia Zaki, chairman of SCZone, added: "I am looking forward to the evolvement of this project, which meets our mutual target of transforming into the green economy." Earlier this month, Maersk had signed strategic partnerships with six companies with the intent of sourcing at least 730,000 tonnes/year of green methanol by end of 2025 through projects in China, North, and South America. The green fuel would be used to power Maersk's newly ordered fleet of 12 methanol-powered vessels. Maersk is targeting a 60 percent relative CO2 reduction from shipping by 2030 and aims to achieve net-zero CO2 emissions by 2050.
