In a matter of days, Egypt will begin setting up a compressed gas cylinder plant in Egypt to power cars, with foreign investment of more than £1bn, as it is the first plant of its kind in the Middle East.
The project includes the establishment of the first plant in Egypt, Africa and the Middle East for the production of compressed natural gas cylinders and equipment to serve the local market and export.
EKC EGYPT, the owner of the project, intends to launch Egypt’s first compressed natural gas cylinder plant within the next year with an investment of between $30 million and $50 million.
The company announced that it is currently completing all procedures related to documentary letters of credit with banks in preparation for the start of implementation.
Source: Egyptian media.