Modern Gas company, affiliated with the Ministry of Petroleum and Mineral Resources, has set up a new subsidiary in Saudi Arabia with a seed capital of SAR 2 million, according to a statement by the ministry.

The new firm, dubbed Modern Gas Saudi Arabia, is 30% owned by Modern Gas, with Fajr Egypt owning a 30% stake in the company, while Alexandria Petroleum Maintenance Co (Petromaint) and the Saudi Baseera Group holding a 20% stake each.

The establishment of the new company is part of the petroleum ministry’s strategy and Modern Gas’ plan to expand abroad, especially in the Gulf countries.

Moreover, the company succeeded in registering and licensing its branch in the UAE as a main contractor for Abu Dhabi National Oil Company (ADNOC).

In terms of key indicators, Chairman Mohamed Kandil said during the company’s general assembly that Modern Gas generated revenues of EGP 2.6 billion in 2023.

Moreover, he added that the company serves 1.6 million customers across nine governorates in Egypt.

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