Riyadh – Mubasher: National Gas and Industrialization Co (GASCO) on Thursday said it received a loan from the Saudi Industrial Development Fund (SIDF) worth SAR 203 million ($54.12 million).

The six-year loan is warranted by collateral of seven plots, a gas station in Dammam, and a promissory note, GASCO said in a filing to the Saudi Stock Exchange (Tadawul).

The Saudi gas firm will use the loan to establish new gas lines as well as areas to handle, package, and distribute gas at a production capacity of 750,000 tonnes.

The project will be implemented at all of the GASCO’s branches, it added.

GASCO’s stock added 0.19% on Thursday to close at SAR 27.

GASCO last reported a 15.9% profit fall in the second quarter of 2018 to SAR 31.78 million from SAR 37.9 million in the year-ago period.