Egypt

Gastec achieved 64.2 million pounds as a net profit during 2019

Published on : 2020-04-04

Engineer Tariq Al Mulla, Minister of Petroleum and Mineral Resources, confirmed that an ambitious program is currently being implemented to maximize the utilization of natural gas and use it as fuel for cars and work to transfer the largest possible number of vehicles during the coming period, within the framework of a national project that receives the attention of President Sisi and continued support from the government to launch this activity  To preserve the environment and replace gas with liquid fuel, especially after treating the price distortions of petroleum products within the pricing structure reform program, indicating that the integrated plan of the project aims to deploy stations and transfer centers for cars to work with natural gas during  Wat next five in many provinces and cities and new urban societies in the national roads network.

 This came during a meeting of the General Assembly of Gastec, which was held at the headquarters of the Egyptian Natural Gas Holding Company (EGAS) using video conferencing technology with the headquarters of the Ministry of Petroleum in the presence of Eng. Abed Ezz El-Rijal, CEO of the Egyptian General Petroleum Corporation and engineer Osama El-Baqly, President of EGAS.

 For his part, the engineer, Abdel Fattah Farhat, the company CEO reviewed the most important results of the work and efforts that were made during the year to contribute to the expansion in the use of natural gas as an alternative fuel in various types of cars and vehicles, where he indicated that 3 new supply stations were included, including a station in Qena and Hurghada, and operation  The first model for an integrated fuel supply station in the city of Port Said, with natural gas and liquid fuels that carry the trademark of Eni, electric freight and various services to customers and are operated by solar energy, bringing the number of the company's stations 93 to be distributed in various cities and governorates, which is the highest m  Geographical spread of the service and catering stations among all companies operating in the field.

 He explained that to raise the efficiency of operating stations and equipment, plans were made to redistribute gas compressors in the supply stations between the company's various locations to make the most of the equipment and cover customer requirements in areas experiencing increased demand for the use of natural gas, which contributed to the increase in gas sales achieved during the year  With these stations, at a rate of 70 thousand cubic meters per day, which is equivalent to establishing 7 new supply stations without investment spending, indicating that the company's sales of gas increased by 50%.

 He added that during the year 19,818 cars were converted to work with natural gas, bringing the total number of cars converted into the company's centers since the start of the activity to more than 140,000 cars, with a share of 46.6% of the total market, which is the highest market share among auto gas companies in Egypt.  The company’s trained work teams also manufactured and developed some units and systems for converting cars into natural gas, within the framework of the company’s progressive policy to localize the manufacture of components for activities that use natural gas for cars as part of its efforts to support local manufacturing of equipment and components used in the conversion and supply operations.

 He explained that the efforts to develop various business activities resulted in the company achieving an increase in its net profits from 14.1 million pounds in 2018 to 64.2 million pounds in 2019, and an increase in activity revenues from 866.8 million pounds in 2018 to 1381 million pounds in 2019, an increase of 60%.

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