Cairo – Mubasher: The Egyptian Ministry of Public Business Sector is planning to upgrade Egypt Aluminum at an estimated cost of EGP 13 billion.

The upgrade process includes introducing a new energy-efficient technology, the ministry said in a statement on Monday, noting that energy costs account for 40% of total production costs.

The ministry also aims to raise the factory’s output capacity to 250,000 tonnes.

Bechtel has been awarded a contract to conduct a study for project. The feasibility study is expected to be complete by mid-2021.

During the first quarter (Q1) of fiscal year 2020/2021, the company reported net losses of EGP 150.9 million, down from EGP 277.8 million in the prior-year period.