Everest Kanto Cylinder Limited — Important, 31-01-2025: General Updates

The National Bank of Egypt (NBE) is providing long-term financing of EGP 953 million to EKC Egypt for establishing the first factory in Egypt and Africa dedicated to manufacturing compressed natural gas (CNG) cylinders. This facility will cater to vehicles running on natural gas, along with cylinders for medical and industrial applications, and high-pressure hydrogen storage.

The project aims to localize gas cylinder production, reducing import dependency and supporting the national initiative to convert about 1.5 million vehicles to CNG. Production is projected to commence by year-end, fulfilling local demand and exporting around 40% of output to international markets. This strategic investment signifies a significant step for EKC as a global leader in the industry, with a positive outlook for enhancing operational capacity and market presence in the region.