C2X inked a comprehensive Framework Agreement (FWA) with its Egyptian sponsors and partners in the presence of Egypt’s Prime Minister aiming to speed up large-scale green methanol production in Egypt.
C2X is aiming to build, own, and operate assets to produce green methanol at scale with A.P. Moller Holding as majority owner and A.P. Moller – Maersk as minority owner.
According to a statement, the Framework Agreement is deepening the partnership and joint efforts for C2X to establish the project, which is located close to the Suez Canal, 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).
The efforts will include the establishment of projects for generating 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. The 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,” explained Brian Davis, CEO of C2X.
The project was launched in March 2022 with the signing of a Memorandum of Understanding, and the FWA takes it to a higher level of collaboration with advanced technical and commercial feasibility studies aimed at achieving the joint goal. Following the conclusion of these studies, the parties will go forward with the project’s formal investment agreements.
“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,” said Waleid Gamal El-Dien, SCZONE’s chairman.
