10/3/2024
GASTEC General Assembly of Company 2023
Eng./ Tarek El Molla, Minister of Petroleum and Mineral Resources, confirmed that the integration with which the petroleum sector works has achieved many distinguished results, the most important of which is attracting new investments and partnerships, especially in the activity of marketing petroleum products and natural gas, which is witnessing great expansion and development, indicating that the plan to diversify the services and facilities provided by the state for the national project to convert vehicles to run by CNG,
It has yielded good results in increasing the converted vehicles and the quantities of CNG used in the field of transportation, and the associated economic and environmental benefits.
This came during the General Assembly meeting of the Egyptian International Gas Technology Company (GASTEC) to approve the business results for the year 2023.
The Minister stressed that increasing and doubling the number of vehicles converted to run by CNG, as well as CNG stations, brings added value to Egypt’s production from its natural resources and reduces the pressure on liquid petroleum products by reducing the portion that is imported, stressing the provision of full support to local companies, partners and international companies participating in providing fuel services in the local market and the keenness of these companies and international partners to increase their shares and expand the provision of services in the Egyptian market,
which is witnessing continuous growth and development. He also praised the keenness of GASTEC Company to increase its market share, provide distinguished services, and end the accumulated problems by exploiting the integration of the work of the petroleum sector.
Eng./ Abdelfattah Farahat, the GASTEC Chairman and Managing Director, reviewed the most important business results of the year, which were the establishment and operation of 39 new fueling stations in various governorates of the Republic,
bringing the total of the Company’s stations by the end of 2023 to 352 stations spread across 26 governorates, including 4 new integrated stations (CNG - liquid fuels) bearing the logo of (GASTEC - Eni), in addition to developing and raising the operational capacity of 18 operating stations, and increased the gas sales achieved during the year to reach about 576.4 million m3, representing 43% of the total market, which is the highest sales rate among all operating companies. GASTEC succeeded in converting more than 22,000 vehicles to run by CNG during the year, bringing the total number of vehicles converted through GASTEC Company since activity inception till the end of 2023 to about 246.4 vehicles, with a total market share of 45.5%, in addition to opening and operating 9 new conversion centers to cope with conversion plans across the country and accommodating the increasing demand from customers. GASTEC also launched 5 conversion and maintenance mobile centers to increase flexibility in dealing with individual and institutional customers, distributed among the Company’s various regions.