GASCO, Oman’s NGC to explore setting up new company

National Gas and Industrialization Co. (GASCO) on Thursday signed a non-binding memorandum of understanding (MoU) with Oman-listed National Gas Co. (NGCI), GASCO said in a statement on Tadawul.

Under the MoU, which is valid for four months from the signing date, the two companies will carry out a feasibility study to set up a new firm in the field of gas extension projects.

Final agreements on the terms of the joint investment will be agreed upon later, after obtaining necessary regulatory approvals and licenses, the statement said.

The scope of work under study includes developing LPG services for gas customers, including the design and implementation of gas pipeline projects, providing after-sales maintenance services, and supplying spare parts.

The deal does not involve any related parties and has no impact on GASCO’s financials at the current stage, the Saudi-listed firm said.