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Egypt in talks with Maersk for $15bn ‘green’ energy project

By Pramod Kumar
REUTERS/Fabian Bimme
Egypt has signed seven agreement to establish industrial complexes to produce green hydrogen within the Suez Canal Economic Zone.

Egypt’s President Abdel Fattah Al-Sisi has directed the government to cooperate with Danish shipping major Maersk Group to establish an integrated network to produce and distribute green energy and clean fuels for ships, according to local media reports.

Maersk chief executive Soren Skou discussed with the president setting up a project to produce clean fuel for ships. With investments of $15 billion, the project is forecast to provide more than 100,000 job opportunities in various sectors, Ahram Online reported.

Egypt is aiming to become a global and regional hub for green hydrogen production, storage and export.

In August, the country signed seven memoranda of understanding (MoUs) to establish industrial complexes to produce green hydrogen in the Ain Al-Sokhna Industrial Zone, located within the Suez Canal Economic Zone.

In mid-August, the Suez Canal Authority said that Maersk will be investing $500 million to develop and upgrade the Suez Canal container terminal in East Port Said, the news portal said.

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