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National Gas expects no impact on its Saudi operations after JV cancellation

National Gas expects no impact on its Saudi operations after JV cancellation
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Mubasher: Oman-based National Gas said it expects no negative effects on the company’s current core operations in Saudi Arabia after its proposed joint venture (JV) with the Tadawul-listed National Gas and Industrialization Company (GASCO) was cancelled.

The ongoing negotiations with GASCO to invest in a new gas extension company have been called off, the Omani firm said in a bourse statement on Monday.

On Sunday, GASCO said its Board of Directors decided not to proceed with plans with National Gas and that the decision will have no financial impact on GASCO’s financial results.

In March 2018, the two companies signed a non-binding memorandum of understanding (MoU) to conduct a feasibility study to set up a new gas extension company.