worth 135 million dollars

Ahmed Wali wrote:

Shahed al-Muhandis Karim Badwi, Minister of Petroleum and Mineral Resources, signed a long-term joint financing contract worth 135 million dollars for the implementation of the project of the Egyptian Company for Ethanol Al-Haywi Al-Tabahi Al-Masriyya Al-Qabda for Petrochemicals in the Governorate of Damiyat, with a banking alliance that includes banks (Al-Ahly Al-Masry, Al-Tijari International, Cairo, Qatar National, Al-Arabi Al-Friqi International, Al-Baraka Misr, and Construction and Housing).

According to the statement of the Ministry of Petroleum and Mineral Resources, the project is part of the implementation of the strategy of the Ministry of Petroleum and Mineral Resources to expand green production projects and reduce carbon emissions, where it aims to produce 100,000 tons of low-emission biofuel per year, relying on beet molasses as raw material.

The resulting ethanol can be used in gasoline blending or in industries such as sand and gravel, with an added economic value of up to 100 million dollars annually.

He confirmed first that the project represents a new addition to green production in Egypt and enhances competitiveness in the export of low-carbon products, pointing out that the ministry is taking steps towards implementing more projects that support environmental sustainability and reduce the carbon footprint.

For his part, the engineer Ibrahim Maky, the head of the Petrochemical Company, explained that the bioethanol project in Damiat is a strategic step towards developing the biofuel industry in Egypt and turning it into a regional center for sustainable production, contributing to supporting the national economy and benefiting from local resources and the expertise of the Egyptian petrochemical industry.