Egypt approves golden licence for GASCO to increase capacity

The Egyptian Natural Gas Company (GASCO) has received on Wednesday the golden licence from the government, to increase Western Desert Gas Complex capacity of 600 million cubic feet per day.

The project aims to increase the production of natural gas derivatives, meet the raw material needs of petrochemical factories, and ensure a steady supply of LPG to support local market demands, the statement added.

The statement mentioned that the project is scheduled to provide employment opportunities for about 2,500 workers, and its investment cost will reach about 380 million dollars.

The Cabinet also granted the golden licence to private company EgyptSat Auto to build and operate a factory that will begin producing electric vehicles (EVs) by the end of 2024.

The factory will produce electric passenger cars, buses, motorcycles, and charging stations. It will be built on 50,000 square metres in the 10th of Ramadan City, according to the statement.