In terms of key indicators, Chairman of the Board of Directors Mohamed Qandil said, during the company’s general assembly, that modern gas achieved revenues worth 2.6 billion pounds in 2023.
The Modern Gas Company, affiliated with the Egyptian Ministry of Petroleum and Mineral Resources, announced the establishment of a subsidiary in the Kingdom of Saudi Arabia with an initial capital of 2 million riyals, according to a statement by the ministry.
Saudi Modern Gas Company owns a 30% stake in the new company, which bears the name “Saudi Modern Gas,” while Fajr Misr Company owns a 30% stake in the company, while the Alexandria Petroleum Maintenance Company (Petromint) and the Saudi Baseera Group each own a 20% stake.
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The establishment of the new company comes within the strategy of the Egyptian Ministry of Petroleum and the modern gas plan to expand abroad, especially in the Gulf countries.
Furthermore, the company has successfully registered and licensed its branch in the United Arab Emirates as a main contractor for the Abu Dhabi National Oil Company (ADNOC).
Regarding the main indicators, Chairman of the Board of Directors Mohamed Qandil said, during the company’s general assembly, that modern gas achieved revenues worth 2.6 billion pounds in 2023.
He added that the company serves 1.6 million customers in 9 governorates in Egypt.
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