Egyptian Army's helicopters are seen during a launch of a major assault against militants, Egypt, in this undated handout picture made available by the Ministry of Defence February 9, 2018
CAIRO - 13 February 2020: The Petroleum Air Services Company has sealed a deal with global Italian high-tech aerospace company, Leonardo, to buy two helicopters at a cost of $30 million, said PAS Chairman Yahia Hussein on Thursday.
The Italian defense and security company will hand over the helicopters in March and June, Hussein said, adding that another helicopter was received by PAS earlier this year along with a $22-million worth fixed-wing aircraft.
The latest purchases take the total investments of the air services company in new aircraft since the start 2020 to $67 million, the chairman added in statements to MENA on the fringe of Egypt Petroleum Show (EGYPS) 2020.
The PAS is the sole operator of charter flights for Egypt’s oil and gas companies, the chairman said, noting that the fleet of the company comprises 36 helicopters and eight fixed-wing aircraft.
As part of plans to boost its infrastructure, the PAS company has set up two hangars at Port Said International Airport and Alexandria's Borg El Arab International Airport, with a total cost of EGP 300 million, Hussein said.
The net profits of the Egyptian aviation company hit $55 million in 2019, according to its chairman who foresees 15 and 10 percent increase in the revenues and profits, respectively, during 2020 after expanding the activities of the firm.
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