A joint venture between the Arab Manufacturing Company and the Korean company Norstar
01/04/2021
Lieutenant General Abdel Moneim El-Terras, Chairman of the Arab Organization for Industrialization, confirmed the implementation of President Abdel Fattah El-Sisi’s directives to strengthen the state’s plan to use natural gas as a clean and safe source of energy by exploiting national manufacturing capabilities and capacities to deepen local manufacturing and localize natural gas cylinder manufacturing technology, in cooperation with Major Specialized international companies.
This came during the signing of the Memorandum of Understanding between Arab Manufacturing and the South Korean company Norstar, via video conference technology.
Within the framework of the Memorandum of Understanding that was signed at the headquarters of the Arab Organization for Industrialization, "Al-Terras" praised the expertise of the Korean company "Norstar" and its leadership in manufacturing the latest gas cylinders made of fiber in various sizes, and applying them in many industrial and civil fields, stressing that Arab Industrialization puts all its capabilities into action. Industrialization and its technical human expertise to enhance the state's plan to convert most vehicles, bakeries and various industrial applications to use natural gas as a clean and safe source of energy.
He added that with this cooperation, we aim to deepen local manufacturing in accordance with international quality standards, through the establishment of a factory for fume gas cylinders, in partnership between Arab Industrialization and the Korean company Norstar.
The "terrace" indicated that it was agreed to increase the percentages of the local component for the production and manufacture of fiber natural gas tanks used in vehicles of all kinds and various industrial applications, in order to save the costs of importing components that enter this industry, and work to reduce imports and reduce the economics of manufacturing gas containers.
He added that it was also agreed to take advantage of the materials and equipment produced by Arab Industrial for Manufacturing, to manufacture the latest gas-fiber cylinders with unique manufacturing and processing techniques that go far beyond the traditional metal cylinders and provide lighter weight, flexibility in design and size, and safety for design, as well as manufacturing vehicle equipment for tankers operating in the delivery and supply of gas. Compressed natural and gas transport operations, according to international quality standards and competitive market prices.
Al-Terras explained that this industrial edifice provides many job opportunities for young engineers and technicians and training on the latest technology according to the standards of the Fourth Industrial Revolution, pointing out that Arab Manufacturing aims to establish a national industry that meets all the needs of the local market and national projects, in addition to opening future export outlets for the Arab and African region. .
For his part, Mr. Ki-dong Kim, CEO of the Korean company Norstar, stressed that the Egyptian market has become attractive to Korean investments, praising the pivotal role that the Arab Organization for Industrialization plays in introducing the latest production technologies to the Egyptian industry and deepening local manufacturing in accordance with international quality standards.
Kim indicated that Norstar is looking forward to partnering with Arab Industrialization to transfer and localize modern technology and train human cadres in the field of manufacturing the latest types of fiber gas cylinders, as well as enhancing marketing opportunities for co-production to meet the increasing needs of the local market and the Arab and African region.