Egypt Launches Natural Gas Company in Saudi Arabia with Capital of 2 Million Riyals

The Modern Gas Company announced the establishment of a company in the Kingdom of Saudi Arabia to work in the field of natural gas under the name “Modern Gas Saudi Arabia” with an initial capital of 2 million Saudi riyals, with a contribution of 80% of the capital structure of the Egyptian companies affiliated with the Ministry of Petroleum.

The Ministry of Petroleum explained in a statement, Sunday, that the capital structure of the Saudi Modern Gas Company consists of 30% for the Modern Natural Gas Company, 30% for the Egyptian Fajr Company, 20% for the Petroment Company, and 20% for the Saudi Baseera Group..

The company was able to register and accredit the company's branch in the United Arab Emirates with ADNOC as a main contractor, and the company is currently being registered and accredited for the activity of installing gas in buildings.