2023-07-23 19:04:14
Posted on: Sunday, July 23, 2023 – 10:03 PM | Last update: Sunday, July 23, 2023 – 10:03 PM
Heikal: Qalaa is working to increase its investments in Egypt strongly to implement projects for export
• Hisham Sharif: Starting the financial and technical study of the project and starting the actual production within three years
Project studies take 7 months and are implemented in two phases
Citadel Capital, a leader in energy and infrastructure investments, the Egyptian Company for Solid Waste Recycling (Ecaro) and the French company Exness, signed a cooperation protocol to conduct the necessary technical and financial studies for the project to produce the second generation of sustainable biofuel (bio-ethanol) and the production of sustainable aviation fuel (SAF), in the presence of the French ambassador to Egypt Marc Baretti, according to a statement from Citadel Capital today.
The statement stressed that this strategic partnership will reap the fruits of the strong experiences enjoyed by the various parties, while the project will be implemented in two phases through the production of advanced bioethanol in the first phase, and the production of sustainable aviation fuel during the second phase.
The statement indicated that the project’s studies will take regarding 7 months, which aims to export its production of advanced bioethanol second generation fuel, in line with Egypt’s strategy to promote the use of fuels derived from various wastes, and to contribute to promoting sustainability practices and recycling waste, which results in achieving economic development.
In this context, Dr. Ahmed Heikal, Founder and Chairman of the Board of Directors of Citadel Capital, expressed his pride in signing a cooperation protocol with the French company Exness to produce the second generation of biofuel derived from agricultural waste, which “will result in the promotion of global sustainability practices, and comes in line with Citadel Capital’s renewed commitment to establishing strategic and sustainable projects that contribute to supporting export activities and activities with high local added value.”
Dr. Heikal explained that Qalaa Holdings is working to increase its investments in Egypt in a strong way through the implementation of high-value-added export projects by the companies in which Qalaa is a shareholder, stressing that the time is very appropriate to implement these new projects.
The statement stressed that Citadel Capital is making unremitting efforts to produce clean energy and various types of alternative fuels in line with Egypt’s strategy aimed at developing the production and use of low-carbon renewable fuels, promoting sustainability practices and recycling waste, as well as achieving economic development.
For its part, Ekaro is already producing a variety of products derived from waste such as high-quality organic fertilizers and alternative fuels derived from waste to feed consumption-intensive industrial projects such as cement factories in line with Egypt’s efforts to preserve the environment and mitigate climate change.
The statement pointed out that Icaro succeeded, during the past fifteen years, in managing and recycling regarding 3.5 million tons of agricultural waste, which contributed to reducing pollution resulting from the burning of these wastes.
According to the statement, the French company Exness grants the necessary licenses for renewable and low-carbon fuel production projects, and produces advanced bioethanol fuel derived from agricultural waste (Futurol), and through it produces sustainable aviation fuel (Jetanol).
Exness is the sole licensing company for an integrated set of technologies used in this field, and it will in turn provide the necessary support to Citadel Capital and Icaro during the project.
For his part, Dr. Hesham Sherif, Chairman and Managing Director of the Egyptian Company for Solid Waste Recycling (ICARO), said that the company is looking forward to starting the financial study. The company is looking forward to starting the financial and technical study of the project and starting actual production within three years.
He added that the first phase of the project will include the production of advanced bioethanol, while the second phase will focus on the production of sustainable jet fuel.
He pointed out that the project aims to export its products to keep up with the high rates of demand for them in the global markets.
Jean Centenac, Chairman and CEO of Axness, praised the strategic partnership with Citadel Capital and Icaro, and the support for their continuous efforts to reduce carbon emissions, expressing his pride that this project is the first of its kind in Egypt to produce the second generation of advanced bioethanol and sustainable aviation fuel, and his pride that Axense will provide the latest technological solutions (Futurol-Jetanol) as the technological cornerstone of this project.
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