Egypt and Saudi Arabia Establish Natural Gas Company with Initial Capital of 2 Million Riyals

The Modern Gas Company has announced the establishment of a new entity in the Kingdom of Saudi Arabia, named “Modern Gas Saudi Arabia.” The company will focus on natural gas activities and will begin operations with an initial capital of 2 million Saudi riyals. The Egyptian companies affiliated with the Ministry of Petroleum will provide 80% of the capital structure.

According to a statement from the Ministry of Petroleum, the capital structure of the Saudi Modern Gas Company will consist of 30% from the Modern Natural Gas Company, 30% from the Egyptian Fajr Company, 20% from the Petroment Company, and 20% from the Saudi Baseera Group.

The company has successfully registered and accredited its branch in the United Arab Emirates with ADNOC as a main contractor. Additionally, the company is in the process of registering and accrediting for the installation of gas in buildings.

The expansion of the Modern Gas Company into Saudi Arabia reflects its commitment to growth and development in the natural gas sector. With strategic partnerships and a strong capital structure, the company is poised to make a significant impact in the region.