Egypt’s Cargas exports first hydraulic oil shipment to Türkiye

Egypt’s Cargas has exported its first-ever shipment of hydraulic oils to Türkiye, opening a new line of business as the natural gas vehicle company seeks to diversify revenue and expand into international markets, the Petroleum Ministry said on Sunday.

The shipment is part of the Ministry of Petroleum and Mineral Resources’ efforts to expand exports of Egyptian petroleum products, open new international markets, and increase the value added from domestic production.

Cargas plans to build on the initial shipment by expanding hydraulic oil exports and leveraging its technical expertise and production capabilities to strengthen its position in regional and international markets, the ministry said.

The company will continue its export activities alongside its core business of converting vehicles to run on natural gas and establishing and operating natural gas vehicle fuelling stations and conversion centres.

The export marks a step in Cargas’s efforts to broaden its business beyond natural gas vehicle services and develop additional sources of revenue through petroleum-related products.

Subediting: Y.Yasser