Egyptian energy and utility provider Taqa Arabia announced on Thursday the formation of a joint venture with a Saudi company for the construction and maintenance of gas pipelines

The EGX-listed company, which is basde in Cairo, said the ‘First Gas Company Ltd’ would have a paid-up capital of 500,000 Saudi riyals ($133,000).

In a disclosure statement on the bourse on Wednesday, Taqa said it would control 50 percent of the venture while the rest is owned by the Saudi’s Natural Gas Distribution Company (NGDC).

“The venture was established for the purpose of extending, maintaining and repairing gas pipelines, and transporting natural gas through pipelines,” Taqa said.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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