Egyptian company invests over $640mln in gas development projects

Egypt Natural Gas Holding Company (EGAS) is spending more than $640 million to expand its gas output and build new plants for diesel production, the country’s media reported on Wednesday.

The projects were reviewed on Tuesday by the general assembly of EGAS, which comes under Oil and Mineral Resources Ministry.

Al-Ahram and other Egyptian newspapers said the assembly decided to increase the Company’s capital from $325 million to $500 million to push ahead with those projects.

The projects include the installation of a fourth production line at the gas complex in the Northern Mediterranean port of Alexandria at a cost of $450 million with the aim of boosting production by 600 million cubic feet per day.

Another project comprises expansion of the gas compression station in Dahshur area near the capital Cairo at a cost of $190 million.

The projects also include the construction of a new diesel plant in the central Asyut province, the report said without providing project details.