The Egyptian General Petroleum Corporation (EGPC) will license 60-70 new fuel stations all over Egypt, with minimum investments of EGP 180 million, said Adel Ayyad, Chairman of the Board of Directors of the Cooperation Company for Petroleum, according to Al Mal News.

Ayyad noted that the company’s role will be limited to the marketing campaign using the company’s trademark, whereas other agents will be responsible for constructing, financing, and running the stations. It is expected that within this year, the agents will acquire all the needed permits to begin construction, he added.

Moreover, the company plans to invest EGP 370 million to develop fuel stations and warehouse storage by next year. Additionally, it aims to earn EGP 60 billion in revenues during the next Fiscal Year (FY) 2020/21 and targets selling of 7.7 million tons of petroleum products, oils, chemicals, and bunker fuels.

The company currently has 1,250 fuel station all over Egypt, and intends to increase them by 20-25 gas stations during H2 FY 2020/21.