AD Ports Group, listed in Abu Dhabi, 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, according to a statement released by AD Ports on Tuesday.
While the project’s value and construction timeline have not been disclosed, the facility is set to produce green methanol, a synthetic fuel derived from renewable sources such as green hydrogen.
Additionally, the facility will provide bunkering solutions for mainliners that have ordered green methanol-powered vessels.
“The initiative not only aligns with the UAE’s decarbonization 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 of the Maritime & Shipping Cluster at AD Ports Group.