Minister of Petroleum and Mineral Resources Tarek El Molla has witnessed the 29th general assembly meeting of the Natural Gas Vehicles Company (Cargas) to discuss and approve the business results for the year 2023.

During the meeting, the company’s Chairman Khaled Gamal stated that the company achieved for the first time total activity revenues of approximately EGP 4 billion, and profits from total activities doubled to reach EGP 518 million, recording a growth of 115% over 2022.

Gamal reviewed the company’s business results during the year 2023, which showed unprecedented performance indicators, after achieving 504 million cubic meters of natural gas sales, a growth rate of 21% over the previous year. This resulted in an annual saving in liquid fuel consumption of about 408,000 tons, creating an added value to the national economy worth approximately $286 million.

During the year 2023, the company operated and opened 45 new filling stations, bringing the total of the company’s stations to 314 stations, in addition to 53 transfer centers distributed in 23 governorates. Oil sales also reached 3,267 tons, with a growth rate of 18% over the previous year.

The company also converted 242,000 cars and sold natural gas supplies of around 4.5 billion cubic meters since the start of activities, which contributed to reducing carbon emissions by 321,000 tons.

During the meeting, El Molla praised the business development and successes achieved during the year 2023, expressing his appreciation for the role played by the company within the framework of implementing the strategy of the Ministry of Petroleum and Mineral Resources for the energy transition.

El Molla further praised how the company’s activity achieves added value to the national economy by reducing pressure on the consumption of petroleum products and reducing the import bill.