Egyptian Italian JV to manufacture CNG stations in Egypt

Cairo – 26 May 2004 – EGAS and GASTEC singed yesterday a Memorandum of Understanding (MOU) with Safi of Italy for establishing the first Egyptian Italian joint venture Company for manufacturing CNG equipment in Egypt.

The new company will be located in the free zone with a $1.39 million capital. Egypt share is 51% and Italy share is 49%. The company will initially produce 12 stations during the first year. 50% of the company production will be exported to Middle East and African countries.