The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, along with Egyptian Minister of Trade and Industry, Tarek Kabil, witnessed the signing of the first phase of the “Towards Natural Gas” initiative, Amwal Al Ghad reported.

The initiative aims at turning 10,000 vehicles to operate with natural gas, and funding 50 vehicle oils warehouses with total EGP 100 million over several phases implemented by Egyptian International Gas Technology Company (Gastec) and the Natural Gas Vehicles Company (Car Gas).

The initiative was signed by Egyptian Micro, Small & Medium Enterprise Development Agency (MSMEDA)’s Director Nevine Gamea; and Gastec’s Head, Abdel Fattah Farahat.

The project will save around annual EGP 500 million for the state, Kabil noted.

Additionally, El Molla pointed out that the initiative targets developing the Egyptian natural gas value and saving 40% of petroleum products’ unit cost, adding that turning cars to be operated by natural gas costs approximately EGP 8,000 to EGP 13,000 per car.