Northern Upper Egypt Development and Agricultural Production (NUDAP) plans to establish two new factories to generate alternative fuel (biodiesel) and screen seeds at a cost of nearly EGP 30 million ($3.6 million) in Sidi Ghazi, Beheira Governorate, sources told Al-Mal newspaper.

The company had previously said Beheira Governor requested an economic study on the project as well as a proposed protocol of cooperation in the form of partnership between the company and the Governorate.

NUDAP narrowed its losses by 62.6% to EGP 391.1 thousand in the first nine months ending on September 30.

The company operates with EGP 90 million capital, divided into 9 million shares at EGP 10 par value each.