What:
state-owned Egyptian Natural Gas Holding Company (EGAS) is spreading its wings with a majority 80% stake in a new venture in Saudi Arabia. Already established, the company will be called Modern Gas Saudi Arabia, as per a statement by the Oil Ministry.
So What:
Teaming up with Saudi Basira Group, this move aligns with EGAS’s broader strategy and the vision of the Egyptian Ministry of Petroleum to expand its footprint globally and strengthen the nation’s economic standing. EGAS has multiple subsidaries in the Industry, including the EGX-Listed Gas Misr
Who Owns What:
The company, named “Modern Gas Saudi Arabia,” was established with an initial capital of SAR 2 million. EGAS subsidiaries will hold a majority stake of 80%, while the remaining 20% will be held by the Saudi Basira Group.
NOTE: This article corrects a mistake in Tuesday's newsletter, which confused Egyptian Natural Gas Holding Company with Gas Misr.
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