Home / news / Badawi witnesses $135m financing for Damietta bioethanol project

Badawi witnesses $135m financing for Damietta bioethanol project

Businessmen Team news 21 December 2025 10:46 PM
Share Article:
Badawi witnesses $135m financing for Damietta bioethanol project

Minister of Petroleum and Mineral Resources Karim Badawi witnessed the signing of a long term syndicated financing agreement worth 135 million dollars for the Egyptian Bioethanol Company project, an affiliate of the Egyptian Petrochemicals Holding Company. The project is scheduled to be implemented in Damietta Governorate in cooperation with a banking consortium that includes the National Bank of Egypt, Commercial International Bank (CIB), Banque du Caire, Qatar National Bank (QNB), Arab African International Bank (AAIB), Al Baraka Bank Egypt, and Housing and Development Bank.

The project will contribute to the production of 100,000 tons annually of low emission biofuel with high economic value. The project will rely on sugar beet molasses as a primary feedstock to produce bioethanol. The bioethanol can be blended with gasoline at specific ratios or used in industries such as inks, paints, and other applications.

The project is expected to generate added value estimated at around 100 million dollars annually.

The project represents an added economic value and a new boost to environmentally friendly green production. The project will help reduce emissions and the carbon footprint of petroleum products. The project will also enhance Egypt’s competitiveness in exporting low carbon products. The project is expected to pave the way for expansion into new phases in the future.