Mubasher: National Gas Company said Thursday that it has decided to liquidate NGC Buzwair LLC, a joint venture with Qatar’s Buzwair Industrial Gases LLC, since it has not undertaken any substantial business in Oman.
The Company appointed Baker Tilly MKM LLC to undertake the liquidation proceedings, and will notify the shareholders once the liquidation process has been completed, according to a bourse statement.
Meanwhile, National Gas established a new firm in Abu Dhabi with Professional Partnership Investments Company under the name of “NGC Central Gas System LLC”.
Despite owning a 49% stake in the new company, National Gas will have total management control in it.
NGC Central Gas System will undertake the business related to retail and sale of LPG Gas, LPG Gas related equipment’s and other ancillary activities, the statement stated.
During its meeting on Wednesday, the board also changed the position of Nalin Chandna from general manager of the Company to CEO.
