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Abu Dhabi-listed AD Ports Group and Orascom Construction have signed a memorandum of understanding (MoU) to develop a green methanol storage and export facility in Egypt.
The facility aims to supply low-carbon fuel for maritime transport, AD Ports said in a statement on Tuesday.
The value of the project and construction timeline were not given.
Green methanol is a synthetic fuel produced through renewable sources and can be produced from green hydrogen.
The new facility will also provide bunkering solutions for mainliners who have ordered green methanol-powered vessels, the statement said.
“The initiative not only aligns with the UAE’s decarbonisation goals but also accelerates the energy transition in shipping, positioning us at the forefront of the green hydrogen revolution,” said Ammar Mubarak Al Shaiba, CEO – Maritime & Shipping Cluster, AD Ports Group.
(Writing by P Deol; Editing by Anoop Menon)
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