Modern Gas, an Egyptian joint stock company, has signed an agreement with Talaat Moustafa Group to implement centralized gas networks for the residential city of Banan Riyadh, Saudi Arabia, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).
Talaat Moustafa is developing the city over a total area of 10 million square meters. The first phase, worth SAR 24 million and covering 4 million square meters, will include the implementation of gas networks by Modern Gas, which will also operate the system.
The project is carried out in partnership with Egyptian FAJR Natural Gas Company and Alexandria Petroleum Maintenance CO.(Petromaint), alongside Modern Gas.
The agreement builds on the successful partnership between Modern Gas and Talaat Moustafa Group, as Modern Gas has previously delivered major projects including Madinaty and Noor City, said the petroleum ministry on Tuesday.
Notably, Modern Gas has successfully executed several projects in Saudi Arabia, culminating in securing this project as a 33-year concession area, ensuring long-term presence and opening new growth prospects in the Saudi market.
