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

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.