By Business Reporter — MUSCAT: Dec 10: Rusayl-based National Gas Company (NGC) has announced the establishment of a new company in Abu Dhabi (UAE) jointly with Professional Partnership Investments under the name of ‘NGC Central Gas System LLC. National Gas will hold 49 per cent of the equity of the company, but management control will remain in the hands of the Oman company. The new entity will undertake business activities pertaining to retail sales of LPG, LPG gas related equipment and other ancillary activities. Meanwhile, in a filing to the Capital Market Authority (CMA) on Thursday, NGC said it has decided to liquidate its joint venture with Qatar-based Buzwair Industrial Gases LLC, citing limited business opportunities.
The joint venture (JV), NGC Buzwair LLC, was set up in 2013. “Since the JV Co has not undertaken any substantial business in Oman, the Company 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. 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,” according to the filing. Additionally, Nalin Chandna, General Manager, was named Chief Executive Officer of the Company, an upgrade from his current position as General Manager.
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