Minister of Petroleum and Mineral Resources, Tarek El Molla, attended the 29th general assembly meeting of the Natural Gas Vehicles Company (Cargas), where discussions and approval were held regarding the business outcomes for the year 2023.

During the assembly, Chairman Khaled Gamal announced a significant milestone for the company, with total activity revenues reaching approximately EGP 4 billion, marking a noteworthy achievement. Profits from total activities also doubled to EGP 518 million, demonstrating a remarkable growth of 115% compared to the previous year.

Gamal provided an overview of the company's performance in 2023, highlighting unprecedented results. Notably, the company witnessed a 21% growth in natural gas sales, resulting in savings of about 408,000 tons in liquid fuel consumption, translating to an added value of approximately $286 million to the national economy.

Throughout 2023, the company expanded its operations by establishing 45 new filling stations, bringing the total to 314 stations, along with 53 transfer centers across 23 governorates.

Additionally, oil sales surged by 18% compared to the previous year, reaching 3,267 tons. Moreover, the company successfully converted 242,000 cars to utilize natural gas, contributing to a reduction of carbon emissions by 321,000 tons since inception.

Minister El Molla commended the company's achievements in 2023, acknowledging its pivotal role in aligning with the Ministry of Petroleum and Mineral Resources' energy transition strategy.

He further highlighted the company's contribution to the national economy by alleviating pressure on petroleum consumption and reducing the import bill.