CAIRO, March 8, 2018 - The Micro, Small and Medium-sized Enterprise Development Agency (MSME) on Thursday has signed a contract worth LE20 million with the Egyptian International Gas Technology Company (Gastec). The agreement was signed during a meeting attended by the Minister of Petroleum and Mineral Resources, Tarek el-Molla, and the Minister of Industry and Trade, Tarek Qabil. The initiative aims at converting 10,000 cars to work with natural gas and financing 50 outlets for selling car lubricants with a total funding of LE100 million within several stages. The initiative will be carried out by Natural Gas Vehicles Company (Car Gas) and Egyptian International Gas Technology Company (Gastec), which are affiliated to the Petroleum Ministry. Minister Qabil has noted that his ministry is willing to finance strategic projects, which reduce air pollution and preserve the environment in accordance with the government's policy which calls for using natural gas as a main source of energy. "This project aims to reduce the government's expenditures by LE500 million per annum," Minister Qabil said. He added that the contract will be carried out over two phases by Gastec and some foreign companies. The project comes in accordance with a 2012 agreement that aimed at converting cars to work with natural gas instead of oil.
