Wednesday, Aug 24, 2011
BEIRUT (Zawya Dow Jones)--A number of Egyptian state-owned companies have reached an in-principle agreement to set up a local project for the production of aviation fuel at an estimated cost of 1.3 billion Egyptian pounds ($217.4 million), Kuwait-based An Nahar daily reports Wednesday citing an executive.
The agreement was reached between the sugar production subsidiaries of Food Industries Holding Co., or FIHC, on one side, and the Egyptian Petrochemicals Holding Co., or Echem, on the other, Ahmed El Rokayebi, FIHC's chairman, said according to the paper.
The project aims to extract ethanol from molasses and then produce aviation fuel from the ethanol, reducing the need for imported fuel for airlines operating in the country, the daily cites Rokayebi as saying.
Newspaper website: http://www.annaharkw.com/annahar/Article.aspx?id=288308&date=24082011
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
24-08-11 0512GMT
