Riyadh – Mubasher: Natural Gas Distribution Company signed a memorandum of understanding (MoU) with TAQA Arabia, an Egypt-based full-service energy and utility provider, on 6 September 2022.

The two entities will collaborate to develop and operate gas transportation services as well as gas networks for one year that can be extended, according to a bourse disclosure.

Meanwhile, the MoU comes in line with Natural Gas Distribution's expansion and growth plans to enhance the company's profits and boost its achievements.

Through the partnership, the Saudi listed firm aims to open new horizons for cooperation and benefit from different experiences in the field of gas and energy.

Natural Gas Distribution noted that the financial impact of the agreement cannot be determined in the meantime.

The Saudi company generated net profits after Zakat and tax worth SAR 2.48 million in 2021, down 43.89% from SAR 4.42 million in 2020.

Revenues edged up by 0.38% year-on-year (YoY) to SAR 89.59 million in 2021 from SAR 89.25 million.

In 2021, TAQA Arabia launched its subsidiary TAQA Water and became the region’s first integrated energy and water utility provider.