Sphinx Glass will invest USD 150 mn into new production line if gov’t cuts gas prices

Sphinx Glass is looking to invest USD 150 mn into a new production line in 2017, CEO Mohamed El Khattab told Al Mal. The expansion is dependent on the government reducing the price of natural gas supplied to factories, he added. The government prices natural gas at USD 5 per mmBtu to factories, while competitive regional markets price natural gas at USD 2 per mmBtu, said El Khattab. Natural gas represents 30% of production costs, he added.