Riyadh – Mubasher: National Gas and Industrialization Company (GASO) announced that it has received the first instalment of a SAR 85.3 million loan from the Saudi Industrial Development Fund (SIDF).

The amount represents 50% of the loan’s total value, after deducting consulting, evaluation and feasibility study costs that totalled SAR 16.2 million, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

GASCO agreed the SAR 203-million six-year loan with SIDF in September.

The finances will be directed to establishing new gas lines and distribution centres with a production capacity of 750,000 tons.