Cairo – Mubasher: The board of directors of Egypt Gas approved signing a natural gas supply agreement with Town Gas.

The deal includes implementing works for providing about 120,000 customers in Cairo, Giza, Alexandria, Ismailia, and Port Said with access to natural gas at an estimated value of EGP 232.8 million, according to a bourse disclosure on Wednesday.

The one-year deal can be renewed for another term subject to the approval of both parties.

The board also approved signing an 18-month contract with the New Urban Communities Authority (NUCA) for implementing works for the first phase of natural gas supply in Mansoura City at a value of EGP 114.4 million.

In 2019, Egypt Gas reported net profits of EGP 164.95 million, up from EGP 35.16 million in 2018.