Egypt Gas’s board has decided not to increase its investment in the Egyptian Bioethanol Company (EBIOL) beyond the $3.18 million already paid, maintaining a 5.48% stake in the company, according to a disclosure filed with the Egyptian Exchange (EGX).

In 2024, EBIOL raised its total capital to $58 million from $42.4 million in 2024 diluting Egypt Gas’s stake from 7.5% to 5.48%.

The investment expands Egypt Gas’s exposure to alternative fuels beyond its existing activities in the natural gas sector. EBIOL, a subsidiary of the Egyptian Petrochemicals Holding Company (ECHEM), is developing a plant at Damietta Port designed to produce 100,000 metric tons a year (mt/y) of low-emission, high-value biofuel using sugar beet molasses as the main feedstock. EBIOL operates in the biofuels and renewable energy sector, specifically bioethanol production.

It is worth noting that Egypt Gas reported a 25% year-on-year (YoY) increase in operating revenues to EGP 4.7 billion for the six months ending June 30, 2026.