GASCO, Bahri terminate MoU on co-establishment of logistics services firm

26/05/2024 Argaam

GASCO, Bahri terminate MoU on co-establishment of logistics services firm

Logos of National Gas and Industrialization Co. (GASCO) and National Shipping Company of Saudi Arabia (Bahri)

National Gas and Industrialization Co. (GASCO) agreed with the National Shipping Company of Saudi Arabia (Bahri) to terminate the memorandum of understanding (MoU) previously signed to explore ways of co-establishing a company operating in road transport and logistics services.

 

The decision was made due to the move’s infeasibility for both parties after conducting the necessary studies, according to two separate statements to Tadawul today, May 26.

 

This termination has no significant financial impact, the statements added.

 

According to data available on Argaam, the two companies signed a non-binding MoU in October 2022 to cooperate in co-establishing the company. In October 2023, the MoU was extended for one year.

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