Cairo - Mubasher: Cargas and Gastec, representing the Egyptian Ministry of Petroleum and Mineral Resources, have inked two contracts worth EGP 200 million to finance the national programme to convert cars to run on natural gas.

The contracts were signed with the Egyptian Micro, Small, and Medium Enterprise Development Agency (MSMEDA), which comes within the framework of the presidential initiative to expand the use of natural gas as a fuel for cars, according to a press release on Monday.

Egypt’s Minister of Trade and Industry and the Executive Director of the MSMEDA, Nevine Gamea, said that the contracts are in line with the presidential directives under which the agency has allocated EGP 1.2 billion to convert 150,000 vehicles within three years.

Gamea added that MSMEDA has provided EGP 452 million financing to convert 72,300 vehicles to operate on natural gas.

Source: Mubasher

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