(MENAFN- Daily News Egypt) Egypt Gas prepares to join Omani market, boost business in UAE, Kuwait
It aims to expand the construction of natural gas stations for Car Gas, Gas Tec
Egypt Gas has plans to expand in the local and Arab markets, in addition to adopting a new policy for regional expansions, an official source at the company has said.
The source said that his company is preparing to open a branch in the Sultanate of Oman before the middle of this year and obtain projects for the branch during the second half of the year. Additionally, the company plans to enhance the volume of its business in the UAE, after the recent completion of its new UAE branch. It also aims to make more out of its customer service office in Kuwait, indicating that the company aims to implement an ambitious plan to expand regionally.
At the local level, the source said that the Egypt Gas Company aims to expand its auto gas supplying station for Car Gas and Gas Tec within the state's framework of increasing the supply of natural gas to cars.
He added that his company will soon finish the implementation of natural gas works in the Chinese Towers area of the New Administrative Capital (NAC), in parallel with the completion of the first phase of natural gas networks in the NAC.
During 2019, Egypt Gas contracted to deliver natural gas to 53 new factories, bringing the total number gas-powered factories to 1182.
Natural gas withdrawals from the Egypt Gas Company in 2019 amounted to 3.25bn cubic metres (scm), compared to 3.13bn scm the previous year.
The company's annual profits multiplied hit EGP 164.96m in 2019, compared to profits of EGP 35.16m in 2018, supported by the increase in activity revenue during the past year to EGP 3.75bn compared to revenues amounting to EGP 2.59bn in the previous year, as a result of an increase in the number of clients from 358,000 in 2018 to 458,000 in 2019.
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