GASCO board approves to spin off gas wholesale, transport business

13/11/2022 Argaam
Logo ofNational Gas and Industrialization Co. (GASCO)

Logo of National Gas and Industrialization Co. (GASCO)

National Gas and Industrialization Co.’s (GASCO) board of directors approved on Nov. 10, to spin off the gas wholesale and transportation activity into two 100%-owned limited liability companies. 

 

The two companies’ main activity will be wholesale gas distribution, and road transportation, which includes transport of liquefied petroleum gas to GASCO plants for storage and filling, GASCO said in a statement to Tadawul. 

 

GASCO will obtain the necessary approvals from the authorities concerned, it noted.

In addition, GASCO will continue to work, in line with the previously signed non-binding memorandum of understanding (MoU), with National Shipping Company of Saudi Arabia (Bahri) to discuss entering into a partnership to establish a company operating in road transportation and logistics.

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