DUBAI - Egypt and Maersk's C2X signed a new framework agreement worth up to $3 billion for the production of green fuel and its derivatives in the Suez Canal economic zone, according to a statement released on Wednesday.

Maersk, a Danish shipping and logistics company, teamed up in September with its majority owner to form C2X as a new company to pursue large-scale green methanol projects near the Suez Canal in Egypt and the port of Huelva in Spain, as well as in several other locations.

(Reporting by Momen Saeed, Writing by Clauda Tanios; Editing by Sharon Singleton)