Cairo - Mubasher: The Modern Gas Company established a subsidiary in Saudi Arabia to work in the field of natural gas, under the name Modern Gas Saudi Arabia, according to an official statement.
The newly established subsidiary has an initial capital of SAR 2 million, with a contribution of 80% of the capital structure of Egyptian companies affiliated with the Ministry of Petroleum.
In line with the government’s expansion strategy, Modern Gas Saudi Arabia will play a key role in increasing the state’s foreign exchange earnings.
The remarks came during the ordinary general assembly meeting that was held at the headquarters of the Egyptian Natural Gas Holding Company (EGAS).
Modern Natural Gas Company and Egyptian Fajr Company will each hold a 30% stake in the new venture. Meanwhile, Petromint Company and the Basira Saudi Group will own a 20% shareholding, each.
Tarek El-Molla, Egypt’s Minister of Petroleum and Mineral Resources, highlighted that EGAS completed contracting work with various city agencies, with a value exceeding EGP 1.44 billion in 2023.
The company achieved a significant boom in revenues despite the economic challenges, with revenues reaching EGP 2.60 billion.
