Ministry orders Sasco to vacate fuel station land

27/08/2014 Argaam

Saudi finance ministry cancelled a land rental contract with SASCO, whereby the company set up a fuel station and asked the company to vacate the site by 30 Dhul Hagga 1435 Hijri.

The contract gives the ministry the right to restore the land, located near Al-Bat-haa borders, for ‘the public interest’ at any time, while duly compensating the company.

The contract was valid for 15 more years till 30 Dhul Hagga 1450. Sasco expected the financial impact to be a reduction of gross margin of 12 % (SAR 4 million), if the ministry’s positions remained unchanged.

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