Thursday, March 28, 2024 | Ramadan 17, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

New public sector gas company established in Oman

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Muscat: The Ministry of Finance on Thursday announced the establishment of the Integrated Gas Company (IGC), which was recently mentioned during the pre-budget meeting.


The decision approved the articles of association and financial regulations, which will include managing all allocations, assets, rights, and obligations for the purchase, sale, import, export, and transportation of natural gas and related products on behalf of the Government of the Sultanate of Oman.


The Integrated Gas Company will operate on the lines of Energy Development Oman, which was established in 2020.


"IGC will be is a state-owned enterprise, entrusted with the management of all allocations, assets, rights, and obligations of purchasing, selling, importing and exporting, and transporting of natural gas and relevant products on behalf of the Government of Oman," the statement said.


The establishment of IGC comes according to the provisions of the Commercial Companies Law promulgated by Royal Decree No. (18/2019), Privatization Law promulgated by Royal Decree (51/2019), Royal Decree No. (80/1998) promulgating the Capital Markets Law and its amendments, and the provisions of the Memorandum of Association and the Company’s Articles of Association.


The objectives are aimed at improving the fiscal performance of Oman by removing the expenses of purchasing and transporting gas from the State’s general budget and transferring the net gas


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