Egypt Gas signs 2 contracts to install natural gas works

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ArabFinance: Egypt Gas Company (EGAS) signed an agreement with Town Gas Company to install services to about 120,000 householders in Cairo, Giza, Alexandria, Ismailia, and Port Said, according to the company statement sent to the Egyptian Exchange on April 29^th.

The board of directors approved that the agreement will last for one year, which may be renewable subject to the consent of the two parties.

On April 28^th, the board approved signing EGP 114.4-million contract with New Urban Communities Authority for installation of the service to the first phase natural gas installation at Mansoura, Dakahlia governorate. Under the agreement, the installation will be implemented in 18 months.

In 2019, the company posted a net profit of EGP 164.962 million, a 369% increase from a net profit of EGP 35.166 million a year earlier.

Egypt Gas Co SAE is an Egypt-based publication shareholding company engaged in the design, installation, operation, and maintenance of natural gas distribution networks and pressure reduction stations for domestics, commercial and industrial applications, as well as engineering projects in the petroleum and natural gas sector.

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