|22 January, 2020

Egypt Gas to contribute $6mln to setting up new company

The gas firm decided to contribute $6mln or 15% to the new company’s capital estimated at $40mln

Image used for illustrative purpose. A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018.

Image used for illustrative purpose. A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018.

REUTERS/Amr Abdallah Dalsh

Cairo –   The board of directors of Egypt Gas has approved a decision to take part in establishing a joint stock company for producing molasses-based bioethanol.

The gas firm decided to contribute $6 million or 15% to the new company’s capital estimated at $40 million, according to a bourse disclosure on Wednesday.

An advance payment of $1.5 million, 25% of the total contribution, will be made, the statement showed.

It is noteworthy that during the first nine months of 2019, the company’s net profit increased to EGP 27.812 million, against a net loss of EGP 17.604 million in the year-ago period.

Source: Mubasher

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