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Riyadh: Savola Group plans to increase its annual sugar refining capacity in Egypt by more than half to 1.15 million tonnes within two years to fill a gap in local production, the Saudi company said on Friday.
Savola plans to build a 200,000 tonnes per year sugar refinery in Egypt that will process only sugar beets at a total cost of about $150 million, Saudi Arabia's largest food product company by market value said in a statement.
It also plans to raise to 950,000 tonnes per year from 750,000 the annual production capacity of its sugar refinery located in the Egyptian town of Ain Sokhna, it added.
The Ain Sokhna plant, which was built at a total cost of around $187 million, will start commercial operations on Sunday, it added.
Both projects are expected to start production within two years after the start of construction, it said, noting that works for the new sugar beet refinery will start immediately while the Ain Sokhna output increase was under study.
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