GASCO’s GA Approves Authorized Paid-up Capital Increase

GASCO’s GA Approves Authorized Paid-up Capital Increase

Minister of Petroleum and Mineral Resources, Tarek El Molla, attended the extraordinary general assembly meeting of the Egyptian Natural Gas Company (GASCO).

The company’s general assembly approved an increase in the authorized, issued, and paid-up capital, and amended Article 3 of the company’s bylaws to add activities related to hydrogen, and the separation and transfer of carbon dioxide, to the activity of the company responsible for activities related to the management and operation of the national natural gas network.

During the meeting, El Molla highlighted the importance of the expansions taking place in the national natural gas network, whose lines extending from northern Egypt to its south and from its east to its west are considered the main arteries for providing energy supplies to the country to feed vital consumption sectors in light of the continuous growth in the use of natural gas as fuel.

GASCO’s Chairman, Yasser Salah El-Din, reviewed the amendments to the articles of the company’s bylaws, which include increasing the licensed capital from $325 million to $500 million, as well as adding the activities of establishing, manufacturing, operating, maintaining, managing, and owning facilities, lines, facilities, equipment, and devices necessary for the production, storage, transportation, distribution, sale, purchase, export, and import of hydrogen, as well as the separation and transportation of carbon dioxide, and carrying out all works and services related to the company’s activity.

Salah El-Din also reviewed the executive status of a number of new projects being implemented, most notably the expansion of the gas compressor station in the Dahshur area 5 and 6, at an investment cost of $190 million, which aims to increase the quantities of natural gas transported to southern Egypt to meet the growing needs in the domestic, industrial, and electricity sectors and the new ANOPC complex for producing diesel in Assiut.

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Sarah Samir 3498 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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