Modern Gas signs SAR 24m Saudi gas network deal

The Egyptian Natural Gas Company Modern Gas signed a SAR 24 million agreement with Talaat Moustafa Group to execute the gas networks for the residential city of Banan Riyadh in the Kingdom of Saudi Arabia. The move is in line with directives from Minister of Petroleum Karim Badawi to open new markets for Egyptian companies.

Talaat Moustafa Group is developing the city over a total area of 10 million square metres, while the first phase, where gas networks will be implemented, covers 4 million square metres. Modern Gas will carry out and operate the networks through its subsidiary Modern Gas Saudi Arabia, with participation from Fajr Egyptian Gas Company and Petromaint alongside Modern Gas.

The agreement extends the successful partnership between Modern Gas and Talaat Moustafa Group, following the company’s implementation of major projects including Madinaty and Noor City.

Modern Gas has previously participated in several projects in Saudi Arabia, securing this new project as a 33-year concession area, ensuring continuity and opening new prospects in the Saudi market.

Attribution: Amwal Al Ghad English