Egypt and A.P. Moller Maersk new company C2X signed a new framework agreement worth up to $3 billion for the production of green fuel and its derivatives. The multiparty agreement was signed by C3X, the General Authority for the Suez Canal Economic Zone, the New and Renewable Energy Authority, and the Egyptian Electricity Transmission Company.
The agreement, signed last week with Prime Minister Mostafa Madbouly as a witness, calls for establishing a project to produce green fuel for ship bunkering and achieving zero carbon emissions. The first phase of the project could reach up to $3 billion in total investments.