Arab Finance: The Egyptian Petrochemicals Holding Company (ECHEM) has signed a memorandum of understanding (MoU) with the UAE-based company Rega Green Energy for the production of algae oil, according to an official statement by the Ministry of Petroleum and Mineral Resources on May 17th.
The produced algae oil will be used in the production of aviation biofuel as well as the production of green naphtha necessary for the generation of eco-friendly petrochemical products.
The MoU has been signed by the Chairman of ECHEM Saad Helal and the Chairman of Rega Green Energy Ramy Bassiouny.
The signing ceremony has been attended by the Egyptian Minister of Petroleum Tarek El-Molla on the sidelines of the third edition of the Egyptian Petroleum Sector Energy Efficiency Conference (EPEEC 2022).
It is worth noting that the EPEEC is taking place from May 17th-18th.