Riyadh – Mubasher: National Gas and Industrialisation Co (GASCO) signed a 90-day memorandum of understanding (MoU) with the Middle East Financial Investment Co (MEFIC) on Sunday.

The MoU includes investment and development of the company’s piece of land in Riyadh, according to a bourse filing.

Feasibility study and the proposed final designs will be prepared and presented to the company to take the final decision in the project later, the statement said.

The company noted that there are no related parties and there is no impact for the deal on the financial statement. Any developments will be announced later.

In September, GASCO’s board agreed on a number of strategic and capital projects to boost the company’s business, services and products at a total value of SAR 330 million.