Egypt Gas inks LE 152.17m contract with ARABCO

CAIRO – 23 October 2017: Egypt Gas signed a contracting agreement with the Kuwaiti firm Al Rabiah Construction Company (ARABCO) for KWD 2.6 million (L.E 152.17 million or $8.1 million).

This agreement comes as a part Egypt Gas’s plan to expand outside Egypt, according to a statement issued on Monday.

The contract has a duration period of 18 months, starting from 2018. The return on the agreement is estimated at LE 10 million ($566,692). This rate was taken into consideration when calculating Egypt Gas’ fair value (FV).

In early October, the Egyptian Financial Supervisory Authority (EFSA) approved the FV of Egypt Gas at LE 175.39 per share. At the stock level, Egypt Gas started Monday’s session at LE 224.10.

Egypt Gas is a natural gas company established by the Minister of Investment Affairs for the purpose of carrying out the implementation of natural gas projects as a general contractor and to all work associated with and related to those activities.