C2X, in the esteemed presence of the Egyptian Prime Minister, has inked a significant Framework Agreement (FWA) with its Egyptian counterparts. The primary aim of this collaboration is to kickstart large-scale production of green methanol within Egypt.
C2X, spearheading this ambitious venture, envisions constructing, possessing, and operating facilities for green methanol production. A.P. Moller Holding will serve as the majority stakeholder, with A.P. Moller – Maersk holding a minority interest in the project.
The Framework Agreement solidifies the commitment and collective endeavors of C2X and its Egyptian partners in bringing this project to fruition. Situated strategically in close proximity to the Suez Canal, the venture will be developed in collaboration 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 for Investment and Development (TSFE).
Part of the comprehensive effort includes the establishment of projects to harness green energy from wind and solar sources.
“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.
Mr. Waleid Gamal El-Dien, SCZONE’s Chairman, stated “today’s FWA 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.”
The initiative, which was set in motion in March 2022 with the signing of a Memorandum of Understanding, has now progressed to a deeper level of collaboration. More advanced technical and commercial feasibility studies will follow, culminating in final investment agreements for the project.
About C2X
C2X is on a mission to significantly contribute to a fossil-free future by ramping up the production of green methanol on a large scale. The company aims to develop, own, and operate green methanol production facilities in key locations, ultimately reducing reliance on fossil fuels in the chemical and shipping sectors. A.P. Moller Holding takes the lead with A.P. Moller – Maersk as a minority stakeholder.
