The Food Industries Holding Company (FIHC) has decided to build an airplane fuel factory rather than a previously planned sugar factory, said Ahmed al-Rakaiby, chairman of the company.
The sugar factory was supposed to be built in Sharqiya at a cost of LE1.2 billion. Rakaiby told Al-Masry Al-Youm that officials decided not to go ahead with the plan due to the high cost and disagreements over the size of the land to be allocated to it.
Meanwhile, FIHC has begun establishing a factory to produce airplane fuel from molasses produced by sugar companies affiliated with FIHC. The factory, to be built in cooperation with the General Petroleum Authority, will create an estimated 750 work opportunities, he said.
Beetroot companies affiliated with FIHC will put up 60 percent of the total capital of LE1.5 billion, while the remaining 40 percent will be provided by the Egyptian Petrochemicals Holding Company, he added.
Construction will begin at the beginning of next year after a location for the factory is chosen in Kafr al-Sheikh and the project's feasibility study is finalized.
The factory is projected to produce 50,000 tons of ethanol from molasses. This should help cut local flight ticket rates as the amount of fuel imported will be reduced.
Translated from the Arabic Edition