Egypt is launching an EGP 250m cotton seed oil extraction company

Egypt will be seeing the establishment of a joint venture (JV) for cotton seed oil extraction, after an agreement has been signed between Cotton & Textile Industries Holding Co (CTIHC), affiliated to the Ministry of Public Business Sector, and the United Oil Processing and Packaging.

The agreement is in line with the government’s strategy in entering into partnerships with the private sector, the Minister of Public Business Sector, Hisham Tawfik, said in a statement on Wednesday.

The proposed capital of the new JV amounts to 250 million Egyptian pounds, he added.

The new company will be responsible for entering into agreements, supplying, and paying for the equipment used in manufacturing.