In the presence of the Egyptian Prime Minister, C2X signed a comprehensive Framework Agreement (FWA) with its Egyptian sponsors and partners with the goal of enabling and accelerating large scale production of green methanol in Egypt. C2X aims 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.

The Framework Agreement is deepening the partnership and joint efforts for C2X to establish the project, which is strategically 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.

The project was initiated in March 2022 with the signing of a Memorandum of Understanding and the FWA moves it to a deeper level of collaboration with more advanced technical and commercial feasibility studies towards the shared objective. Following completion of these studies, the parties will proceed towards final investment agreements for the project.

C2X aims to have a production capacity of more than three million tonnes per annum by 2030 from project opportunities in advantaged locations around the world.