Egypt: more than 42,000 NGV conversions completed in FY 2019/20

Egypt: more than 42,000 NGV conversions completed in FY 2019/20

During a visit to Gastec’s Integrated Center for Supplying and Converting Cars to Natural Gas, the Minister of Petroleum Tarek el-Molla announced that 42,000 vehicles were converted to run on bi-fuel technology (gasoline/CNG) during the fiscal year 2019/2020, which represents an increase of 25% on an annual basis. He said that the total number of cars that were converted since the start of activity is about 320,000.

Molla also informed the establishment of 19 new natural gas stations in the governorates of Qena, Assiut, Minya, the Red Sea, Beni Suef, Qalyubiya, Sharqia, Port Said, Giza and Cairo, bringing the total number to 206 refueling facilities in 23 governorates. In addition, three new conversions centers were added, with a total of 74 centers nationwide, reported Egypt Today.

Moreover, the Head of Gastec Company Abdel-Fattah Farhat commented that drivers can access credit terms and incentives to pay the conversion costs through multiple systems for easy installations and simplified contracting procedures. He also pointed out the cooperation with the Small and Medium Enterprises Development Agency to provide soft loans to car owners wishing to convert.

On July 12, President Abdel-Fattah El-Sisi directed banks to provide credit terms to citizens within an initiative to replace old cars with natural gas-powered vehicles. “The installments must extend to include other parallel initiatives, including the provision of loans with very easy interest rate, even if it is zero percent,” he said.

http://www.ngvjournal.com/s1-news/c1-markets/egypt-over-42000-ngv-conversions-completed-in-fy-2019-20/

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