TAQA Arabia is planning to pump EGP 240 million of investments in 2020 towards building 14 natural gas fuel stations compatible with all vehicles, which will increase the company’s number of natural gas stations to 21, Khaled Abu Bakr, Executive Chairman of TAQA Arabia and Egypt Gas Association (EGA), told Al-Mal.
Abu Bakr revealed that the company is implementing an ambitious plan to establish a number of natural gas fuel stations in partnership with national oil companies (NOCs) and international oil companies (IOCs). TAQA plans to have 50 natural gas stations by the end of 2022
According to Abu Bakr, the company’s total investments in the period between 2006 and 2020 exceed 5 billion and will reach 6 billion in 2021. He added that the company has been establishing natural gas fuel stations since January to meet the market’s needs and in line with the state’s plan to maximize the usage of dual fuel.
Abu Bakr noted that EGA commends the natural gas conversion project as it is not only beneficial to Egypt’s economy but benefits the environment as well. The project will also benefit Egypt by reducing crude imports and preserving the dollar reserves.
It should be noted that Egypt currently has 318,000 natural gas-based vehicles, representing 2.5% of licensed vehicles.