GASCO, MAKEEN Energy sign MoU to set up company to establish, maintain gas facilities

Logo of GASCO

National Gas and Industrialization Co. (GASCO) signed on May 8 a memorandum of understanding (MoU) with MAKEEN Energy to study the feasibility of forming a company to establish, manage, operate and maintain gas facilities, stations and networks.

In a statement to Tadawul, GASCO said the new company will also work to convert plastic waste to oil products.

The one-year MoU is extendable, and it was signed based on GASCO’s strategy and its experience in the gas supply chain, to increase operational efficiency and strengthen its investments in gas supply sectors.

MAKEEN Energy is a market leader in establishing, managing, operating and maintaining gas (bottled or bulk), stations and networks, as well as plastic waste conversion to oil products.

The international firm has a presence in more than 140 countries and operates across five continents.

There are no related parties to the MoU, the statement said, noting that its financial impact cannot be determined at present.