Chairman of Egyptian Iron and Steel Company Mohamed Saad Nageada urged the Cabinet to lower the price of gas that the second provides for a period not more than three years.
Speaking to Amwal Al Ghad Tuesday, Nageada also urged the Cabinet to decrease the price from US$4.5 to US$3 per million British thermal units (MMBtu) until the company finishes rehabilitation and development processes it plans to execute within the upcoming period.
The chairman added that the new price – estimated at US$4.5 per MMBtu- is set to reduce the losses by 120 million Egyptian pounds, while the US$3/MMBtu-price will shrink the losses by 250 million pounds.
Nageada clarified that Iron and Steel company has signed five initial Memoranda of Understanding (MoU) with five Russian, Chinese and Italian firms for developing the company.
The chairman said that the company is currently studying the offers of three Russian and Chinese firms in order to sign their MoUs.
