The Egyptian International Gas Technology (Gastec)’s net profits increased in 2019 to EGP 64.2 million from EGP 14.2 million in 2018, and increased its revenues by 60% recording EGP 1,381 billion in 2019 against EGP 866,8 million in 2018, according to a press release.
Abdelfattah Farahat, Gastec’s Chairman and Managing Director, said that the company established three new natural gas fuel stations in Qena and Hurghada. In collaboration with Eni, the first integrated natural gas and liquid fuel station was established in Port Said, which offers electrical charging and miscellaneous customer services, and is operated with solar energy. This brought Gastec’s total fuel stations to 93 stations across Egypt.
Additionally, the company’s redistribution of gas compressors between various fuel stations has led to an increase of natural gas sales in 2019 at these stations by a rate of 70,000 cubic meters per day (cm/d), increasing the company’s natural gas sales by 50%. Moreover, 19,818 cars were converted to run on natural gas in 2019, bringing the total number of cars converted by the company to over 140,000 since the project’s initiation, with a market share of 46.6%.
Farahat added that the company manufactures and develops natural gas conversion units, which comes within the company’s framework to support the local manufacturing of equipment and components used in the conversion and supply operations.
This came during Gastec’s general assembly meeting headed by Tarek El Molla, Minister of Petroleum and Mineral Resources. El Molla noted that an ambitious program to maximize the benefit from natural gas and utilizing it as car fuel is currently in the works.