GASCO cancels MoU to develop land due to 'unfavorable' conditions

15/03/2017 Argaam

The National Gas & Industrialization Co. (GASCO) decided on Tuesday to cancel a memorandum of understanding (MoU) with Middle East Financial Investment Co. (MEFIC Capital) due to the current unfavorable market conditions, the company said in a statement to Tadawul.

 

Last November, both companies signed a 90-day MoU to develop GASCO’s plot of land on King Fahd Road, Riyadh, Argaam earlier reported.

 

The gas distributor had earlier announced plans for developing and investing in the plot, which was estimated at a value of nearly SAR 300 million.

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