Cairo – Mubasher: The Egyptian Natural Gas Holding Company (EGAS) signed 11 new agreements with global companies for gas exploration and production at a minimum investment of $925 million, in addition to a grant of $30 million.
During the general assembly, Yassin Mohamed, Executive Managing Director of EGAS, announced five new areas for investment in gas exploration in the Mediterranean Sea and the Nile Delta, with nearly $400 million in investments.
The company also highlighted that the process of drilling four new wells to search for gas is being completed with a total investment of $640 million.
In the field of natural gas production, Mohamed noted that 19 new gas wells have been added to the production map, with a total investment of $613 million.
Domestic gas consumption reached 2.20 trillion cubic feet annually, averaging about 6 billion cubic feet on a daily basis.
The electricity sector alone accounts for nearly 58% of this demand, reflecting the vital role of natural gas in powering the country.
About 50,000 cars were converted to operate on natural gas and 75 new stations were established to supply cars with gas, as well as 24 centres to convert cars to operate on dual fuel.
The general assembly underlined that the company implemented projects to expand the national network of natural gas transmission lines at an investment cost exceeding EGP 660 million.
In May, EGAS increased its stake in Misr Fertilizers Production Company (Mopco) to 9.07% from 8.46% in exchange for EGP 599.95 million.
