SFD Signs Natural Gas Vehicle Conversions Phase 16th Agreement
The Social Fund for Development (SFD) has signed a contract of the natural gas vehicle conversion’s 16th phase, offering finance of EGP 5 million.
In collaboration with Natural Gas Vehicles Company (Cargas), 1,000 cars will be converted to run on natural gas in the 16th phase of the project. The owners of the cars will be financed with loans having repayment period of five years.
The agreement was signed by the Minister of Petroleum and Mineral Resources Osama Kamal and secretary general of SFD Ghada Wali.
SFD, Ministry of Petroleum and the state’s authorities are cooperating to convert all vehicles to run on natural gas in order to protect the environment and cut costs as the price natural gas reached EGP 0.45/m3, much less than the price of gasoline.
It is worth mentioning that SFD signed agreements with the Ministry of Petroleum in 1999. Since then, SFD offered finances worth EGP 82 million to the Ministry which used the funds in converting 16,500 vehicles to run on natural gas, creating 16,000 job opportunities and establishing natural gas fuel stations in all governorates.
