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Establishment of C2X Green methanol project promoted in Suez Canal and Spain
AP Moeller Holdings announced that it, in collaboration with its affiliate Maersk, established ‘C2X’, a company that forms, owns, and operates assets for large-scale production of green methanol.
C2X plans to respond to future green methanol demand by investing funds into green methanol production facilities. In addition, we aim to secure a variety of customers in the shipping and chemical industries that are aiming to achieve carbon neutrality.
With the establishment of C2X, Maersk plans to increase annual green methanol production capacity to more than 3 million tons by 2030. A green methanol project is planned to be promoted near Egypt’s Suez Canal or Spain’s Welba Port. Maersk said, “The annual demand for methanol has the potential to rapidly increase to about 300 million tons over 50 years, tripling from the current level.”
In C2X, AP Möller Holdings owns the majority of the shares and Maersk holds 20%.
Brian Davis, who has know-how in the energy value chain, including the oil, gas, chemical, and power sectors, will take office as CEO.
C2X CEO Brian Davis said, “The green methanol industry is just beginning and new technologies are emerging. “We are confident that we will be able to produce large-scale production together with our partners due to strong customer needs and support from regulatory authorities.”
Maersk is focusing on methanol as a new fuel for decarbonization and is responding to securing supply. Following the signing of a supply contract with the Netherlands’ OCI Global in June of this year, the company is accelerating its efforts to secure methanol fuel by signing a supply contract with the Norwegian energy company Equinor this month.
excerpt from Mr. Choi, shchoi@ksg.co.kr