AD Ports Group, Transmar, and Orascom Construction have signed a Memorandum of Understanding (MoU) for the development of a green methanol storage and export facility in Suez Canal Area.
This facility will aim to supply low-carbon fuel for maritime transport, presenting an opportunity to establish clean alternative energy storage solutions globally. Additionally, the addition of a methanol facility in the Suez Canal area will provide bunkering solutions for those mainliners who have ordered green methanol powered vessels.
This 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 and enabling us to contribute to global environmental stewardship and economic diversification.
… said Captain Ammar Mubarak Al Shaiba, CEO – Maritime & Shipping Cluster, AD Ports Group
Industry sources anticipate that more than 100 methanol-fuelled ships will be in service from 2026, representing around a million tonnes of additional methanol demand, and according to Drewry and Clarksons, the methanol-fuelled vessel fleet will grow from 2% to 14% of the global fleet based on orders already placed.
To remind, a year ago, Egypt signed a joint development agreement with Norway’s Scatec to establish the country’s first green methanol production project in Damietta Port. Furthermore, in August 2023, the first methanol fuel bunkering operation in East Port Said port was successfully completed for a Maersk container ship.
