19 April, 2024
Search
Close this search box.
Egyptian investors consider pumping $380 million to produce sustainable aviation fuel: Source

Date

Spread the love
Egyptian investors from the government and private sectors are considering establishing a joint project to produce sustainable aviation fuel with expected investments of US$380 million, according to a government official who spoke to Al-Sharq Business anonymously.

The project’s production capacity is estimated at 120,000 tons annually, according to the official, who confirmed that the project participants are the state-owned Egyptian Petrochemical Holding Company, the state-owned Alexandria National Refining and Petrochemical Company (ANRPEC), and a private company operating in Egypt.

Sustainable jet fuel, the alternative to the fossil kerosene that powers jet turbines, is derived from a variety of ingredients ranging from waste oils and fats to sugar crops and some trees and grasses.

One of the motivating points for manufacturing sustainable aviation fuel is that it offers a way to make immediate progress towards reducing CO2 emissions, and is manufactured without extracting more fossil fuels.

Environmentally friendly jet fuel can be mixed with regular jet fuel without having to change aircraft engines.

The official revealed that “the preparation of the financing study for the project will be completed next April, and includes borrowing $280 million from abroad, with the project being established on land belonging to the ANRPC Petroleum. It is targeted to begin work on the project by the end of 2026.”

The Egyptian Petrochemical Holding Company is scheduled to acquire 70 percent of the project’s capital, while ANRPC petroleum will obtain 15 percent, and the private company will acquire 15 percent .

The post Egyptian investors consider pumping $380 million to produce sustainable aviation fuel: Source appeared first on Egypt Independent.

More
articles