Egypt’s Delta Sugar will be investing in the Egyptian Petrochemicals Holding Company’s (ECHEM) project. Delta declared that it will contribute by 5 per cent for producing bio-ethanol from molasses. Delta Sugar’s board of directors approved the decision for contribution.
Delta Sugar’s contribution to the project amounts to 2 million dollars, and the investment will be paid out over a period of two years.
According to the reports, the deal between two companies are still in the early stages. The company said that no contracts were signed yet and details of the project are yet to be released.
During the first half of 2019, the company’s net profits slipped to EGP 211.07 million from EGP 255.81 million in the year-ago period.
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