(MENAFN- Muscat Daily) Muscat- National Gas Co (NGC) has set up a new company in Abu Dhabi in a tie-up with Professional Partnership Investments.
NGC will hold a 49 per cent equity in NGC Central Gas Systems LLC and will have total management control in the new company, it said in a filing with the Muscat Securities Market (MSM) on Thursday.
NGC Central Gas Systems LLC will undertake the business related to retail and sale of LPG, LPG-related equipments and other ancillary activities.
Meanwhile, general manager Nalin Chandna has been re-designated chief executive officer of the company at a board meeting held on Wednesday, NGC said in the same disclosure.
The company also announced its decision to liquidate NGC Buzwair LLC, a joint venture (JV) between NGC and Qatar-based Buzwair Industrial Gases LLC. The JV company was established in Oman in 2013.
'Since the JV company has not undertaken any substantial business in Oman, National Gas Co and Buzwair Industrial Gases LLC have unanimously decided to liquidate the JV company and have passed the relevant resolutions required by the Oman commercial companies law,' NGC said.
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