Omani National Gas Company (NGC), based in Rusayl, has announced the establishment of a new company in Abu Dhabi in the United Arab Emirates. The new firm is in partnership with Professional Partnership Investments under the name of NGC Central Gas System LLC, Oman Observer reported.
In its Muscat Securities Market (MSM) filing, NGC stated that it will hold a 49% equity in NGC Central Gas Systems LLC and will have total management control in the new company. Furthermore, NGC Central Gas System LLC will be responsible for the business related to retail and sale of liquified petroleum gas (LPG), LPG-related equipments and other ancillary activities, according to Muscat Daily. Additionally, NGC’s General Manager, Nalin Chandna, has been appointed to the position of CEO for NGC Central Gas System LLC.
The company also announced its decision to liquidate NGC Buzwair LLC, a joint venture (JV) between NGC and Qatar-based Buzwair Industrial Gases LLC, which was established in Oman in 2013. This came as the JV has not undertaken any substantial business in Oman. Chandna clarified: “The liquidation proceedings will be undertaken by Baker Tilly MKM LLC, Chartered Accountants duly licensed in Oman. The Company will intimate the shareholders once the liquidation process has been completed.”