An Egyptian gas company is set to leave a long-term mark on Saudi Arabia’s urban expansion. Modern Gas, an Egyptian joint stock company, has signed an agreement with the Talaat Moustafa Group to design, implement, and operate centralized gas networks for the new residential city of Banan Riyadh in the Kingdom of Saudi Arabia, according to a statement by Egypt’s Ministry of Petroleum and Mineral Resources.
The development covers a total area of 10 million square meters, with the first phase — valued at SAR 24 million and covering four million square meters — to be implemented by Modern Gas in partnership with Egyptian FAJR Natural Gas Company and Alexandria Petroleum Maintenance Company (Petromaint). Crucially, the agreement is structured as a 33-year concession, locking in a long-term operational presence and growth foothold for the Egyptian consortium in the Saudi market.
Modern Gas has previously delivered major gas network projects in Egypt including Madinaty and Noor City, cementing the firm’s track record that underpinned the Talaat Moustafa Group’s decision to extend the partnership to the Kingdom.
Source: egyptoil-gas.com