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Egypt’s Modern Gas to develop $533K subsidiary in Saudi Arabia

The establishment of the new company is part of the petroleum ministry’s strategy and Modern Gas’ plan to expand abroad.
20.03.24 | Source: economy middle east

Modern Gas company, affiliated with Egypt’s Ministry of Petroleum and Mineral Resources, has set up a new subsidiary in Saudi Arabia with a seed capital of SAR2 million ($533,270), according to a statement by the ministry.


The new firm, dubbed Modern Gas Saudi Arabia, is 30 percent owned by Modern Gas, with Fajr Egypt owning a 30 percent stake in the company, while Alexandria Petroleum Maintenance Co (Petromaint) and the Saudi Baseera Group holding a 20 percent stake each.


The establishment of the new company is part of the petroleum ministry’s strategy and Modern Gas’ plan to expand abroad, especially in the Gulf countries.

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