Cairo-Mubasher: Arabian Cement Co. has established an oil production company named 'Evolve for Investment and Project Management', with EGP 250,000 in capital, the company said in a bourse statement.

The new entity will establish, own and operate units for processing waste and producing biofuels to be used in energy-intensive industries.

Evolve will supply products and services to Arabian Cement's plants and the other companies operating in the local market.

CEO Jose Magrina said the new company seeks to offer integrated solutions for alternative oil in Egypt, in addition to offering Arabian Cement with the needed products and services.